Ghana Insurance Industry – Governance, Risk and Compliance
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
Ghana Insurance Industry Government Regulation Analysis Report Overview
The Ghana insurance industry is regulated mainly by the National Insurance Commission (NIC) and IAIS. The Ghana insurance industry research report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It also gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the country. Moreover, it includes the scope of non-admitted insurance in the country.
Key Regulators | · National Insurance Commission (NIC)
· International Association of Insurance Supervisors (IAIS) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
Enquire & Decide | Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase. |
Buy Full Report to Know More About Ghana’s Insurance Industry Governance, Risk, and Compliance, Download a Free Report Sample
Ghana Insurance Industry – Key Regulators and Legislation
National Insurance Commission (NIC): The NIC is the insurance regulatory authority of Ghana which supervises and regulates the industry. Its principal objective includes the control and monitoring of insurance and reinsurance companies and insurance intermediaries. It was established under the Insurance Law 1989.
International Association of Insurance Supervisors (IAIS): The IAIS represents regulators and supervisors of 190 jurisdictions in more than 140 countries. It formulates and issues various global principles, standards, and guidance provides training and support on issues related to supervision and organizes meetings and seminars for supervisors. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the industry to develop and maintain a fair, safe, and stable market for the benefit and protection of policyholders, and to contribute to global financial stability.
The key laws and regulations in the Ghana insurance industry are as follows:
- Insurance Act of 2006
- Motor Vehicles (Third-Party Insurance) Act 1958
- Ghana Civil Aviation Act, 2004
Buy the Full Report to Know More About the Ghana Insurance Industry Regulators and Legislation, Download a Free Report Sample
Ghana Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Ghana insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Ghana Insurance Industry Analysis by Compulsory Insurances
Buy the Full Report for More Compulsory Insurance Insights into the Ghana Insurance Industry
Ghana Insurance Industry - Company Registration and Operation
A license is required to operate in the Ghana insurance industry. According to Section 36 of the Insurance Act 2006, insurance companies cannot carry out insurance business in Ghana unless they obtain a license from the NIC. According to Section 53 of the Act, reinsurers are not permitted to operate in Ghana unless they are authorized to do so.
Buy Full Report To Know More About Company Registration and Operation in Ghana’s Insurance Industry, Download a Free Report Sample
Ghana Insurance Industry - Taxation
The different types of taxes in the Ghana insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Corporate Income Tax: Taxation in Ghana is administered and supervised by the Domestic Tax Revenue Division (DTRD) which is a division of the Ghana Revenue Authority under the Ministry of Finance. The secretary is responsible for achieving an effective, efficient, transparent, and taxpayer-oriented tax administration. Rules and regulations related to taxation are outlined in Law No. 125/91 on Tax Reforms and Law No. 2421/04 of the Administrative Reordering and Fiscal Adequacy.
Buy the Full Report to Know More About the Taxation Policies in the Ghana Insurance Industry, or Download a Free Report Sample
Scope
- The report covers details of the insurance regulatory framework in Ghana.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments in the country’s insurance regulatory framework.
- The report analyzes the rules and regulations about the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The NIC regulates the insurance industry of Ghana.
- Insurance to commercial buildings, motor third-party liability insurance and workmen’s compensation insurance are mandatory in Ghana.
- Composite insurance licenses are not granted in Ghana.
- The placement of non-admitted insurance and reinsurance are not permitted with few exceptions.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Ghana.
- Track the latest regulatory changes and expected changes impacting the Ghana insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
Table of Contents
Table
Figures
Frequently asked questions
-
Who is the key regulator of the Ghana insurance industry?
The Ghana insurance industry is regulated mainly by the National Insurance Commission (NIC).
-
Which other body oversees the Ghana insurance industry?
Another body that oversees the Ghana insurance industry is IAIS.
-
What are the compulsory insurances in the Ghana insurance industry?
Some of the compulsory insurances required within the Ghana insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
-
What are the types of taxes imposed in the Ghana insurance industry?
The different types of taxes in the Ghana insurance industry are tax on insurance premiums, corporate income tax, corporate capital gains tax, and value-added tax.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.