So, you’re ready and want to open a new insurance company in Ghana? After registering the business with various agencies, you need to go through the due process to obtain your insurance company license. There are some key crucial steps you must go through before you engage in such an endeavour. Skipping the process and operating your financial institution will be a recipe for disaster. Therefore, we have simplified the process and put in place the eight-step process on how to get your insurance company license in Ghana.
How To Get Your Insurance Company License In Ghana
- You must ensure that your company is duly registered at the Office of the Registrar of Companies.
- You must provide to the National Insurance Commission your shareholding structure and details of all shareholders.
- You must provide a detailed 5-year business plan containing relevant projections to the National Insurance Commission.
- You must provide evidence that you will be able to meet the minimum required capital to set up an insurance company. You must also prove the source of the capital.
- You must provide an audited statement of affairs to the National Insurance Commission showing your company’s assets and liabilities.
- You must provide a description of the location of office accommodation to be approved by the National Insurance Commission.
- You must provide all copies of all contracts regulating your company’s relationship with other companies.
- You must pay a non-refundable application fee to the National Insurance Commission.
Got Questions about Obtaining an Insurance Company License in Ghana?
GHANA’S FINANCIAL SECTORS
- Bank and non-bank financial sector
- Capital and money markets
- Insurance
- Pensions
SECTOR REGULATORS
- Bank of Ghana
- Securities and Exchange Commission
- National Insurance Commission
- National Pensions Regulatory Authority
Need Help or Have Questions? Request Free Specialist Business Advice or Guidance:
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- Advising on the appropriate legal and business structure as a medium for business operations
- Advising on registering your business, including obtaining appropriate certifications, permits, and licenses from relevant regulatory authorities
- Advising on the legal and taxation regime governing business operations.
Founded in 2015, Acheampong & Associates is a Ghana-based law firm specializing in Immigration, Corporate, Family, Real Estate, and Surrogacy Law. For over half a decade, we have delivered client-focused legal solutions, with a strong niche in world-class immigration, corporate and family services for individuals and organizations. Our team has the expertise and resources to help clients navigate complex legal requirements with confidence and ease.
