Insurance Act, 2021 (Act 1061)
The principal law governing insurance in Ghana.
Ghana's insurance industry is regulated under the Insurance Act, 2021 (Act 1061). It sets the legal framework for licensing, supervision and market conduct, protects policyholders, and defines the powers and duties of the National Insurance Commission.
What the Act covers
The Act governs who may carry on insurance business in Ghana and on what terms — the licensing of insurers, reinsurers and intermediaries, the standards they must meet, how they are supervised, and the safeguards that protect the people and businesses they serve.
It strengthens the Commission's supervisory powers and aligns Ghana's regime with the Insurance Core Principles of the International Association of Insurance Supervisors (IAIS), the global standard-setter for insurance regulation.
What it replaced
Act 1061 replaced the Insurance Act, 2006 (Act 724). The Commission was first established under earlier legislation; the 2021 Act modernises the framework to reflect today's market and current international supervisory standards.
Read the Act
The full text of the Insurance Act, 2021 is available to download.