Insurance Act, 2006 (Act 724)

Section 22: (1) The Commission may issue an insurer's licence to an applicant subject to conditions the Commission may determine.(2) The Commission shall, in issuing a licence, be satisfied that(a) the applicant is qualified to carry on the class of insurance business for which the application is made,(b) each director and principal officer of the applicant and of any holding company of the applicant is qualified to be concerned with the management of the class of insurance business for which the application is made,(c) the applicant intends, to carry on the approved class of insurance business in this country if issued with a licence,(d) where the applicant is associated with one or more other persons, the relationship between the applicant and those persons will not prejudice the effective supervision of the insurance business to be carried on by the applicant or be contrary to the interests of policyholders,(e) the organisation, management and financial resources of the applicant are adequate for the carrying on of the class of insurance business for which the application is made,.(f) the insurance business will be conducted in accordance with sound insurance principles,(g) issuing the licence is not against public interest, and (h) the applicant satisfies the requirements of this Act in respect of the application and will, upon issue of the licence, operate in compliance with this Act, Regulations, the Codes of Practice and where applicable, 

Procedures to Follow

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Responsible Institution

National Insurance Commission

Accra
Email:info@nicgh.org
Website:https://nicgh.org/

Relevant Forms to Download

Not Available

Fees / Charges




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