National Insurance Commission, Ghana

The National Insurance Commission (NIC) is the insurance regulatory authority in Ghana. The Commission was established under Insurance Law 1989 (PNDC Law 227). The NIC currently operates under Insurance Act, 2021 (Act 1061), which specifies the Commission's objects as ensuring effective administration, supervision, regulation and control the business of Insurance in Ghana. NIC performs functions such as licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The NIC also works to develop strong relationships with regulators from other countries and international bodies such as the IAIS and ensures the conformity of practitioners to internationally accepted standards.