National Insurance Commission (NIC), Dr. Justice Ofori, Commissioner of Insurance скачать в хорошем качестве

National Insurance Commission (NIC), Dr. Justice Ofori, Commissioner of Insurance

The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) but now operates under Insurance Act, 2021 (Act 1061). The object of the Commission, as detailed in Act 1061 is to ensure effective administration, supervision, regulation and control the business of Insurance in Ghana. NIC is mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The Commission is also mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise. Other responsibilities include the provision of recommendation to the Minister for Finance in respect of policy formulation, supervision of practitioners, enforcement of compliance and public education. The development of strong relationships with regulators from other countries and international bodies such as the International Association of Insurance Supervisors (IAIS) and ensuring the conformity of practitioners to internationally accepted standards are also key mandates of the Commission. The enactment of Act 1061 was a major milestone towards a robust insurance regulatory environment as it empowers and grants adequate powers to the Commission. Together with several other initiatives in the past decade, the new Law provides a strong regulatory framework for Ghana’s insurance industry. The Commission has a core mandate of protecting the interest of policyholders. Being the supervisory and regulatory body of the Insurance industry in Ghana, the NIC has the mandate to ensure that all insurance entities comply with its directives according to the new Law.