Ghana - Obtain an Insurance License

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Procedure

Apply In-Person

1. To Obtain an Insurance license in Ghana, the applicant has to approach the Ghana National Health Insurance Authority office contact link
2. Applicant must obtain the application form from the relevant department.
3. All information must have filled in the application form while when applicants submit to the application form.
4. Applicant should attach all the relevant documents in the application form and they can be found under the "Required Documents" section of this page.
5. Payment of appropriate fees should be made and that can be found under the "Fees" section of this page.
6. Where an application under this setup does not provide all the relevant information in the questionnaire or if clarification is necessary, the applicant may be called upon to provide the information or clarification to complete the application.
7. Submit the completed form in two copies along with the supporting documents to the respective office.
8. The Authority shall, within one month after receipt of a complete application, investigate through questionnaire and prepare a detailed report in respect of status of the application.
9. The Authority shall, for the purpose of considering and making a report on an application, appoint a committee of not less than three members of the Authority which committee shall report its recommendations to the Authority in writing.
10. The Authority may:
    • If it is satisfied that the applicant complies with the provisions of insurance Act and fulfilled all the requirements grant a licence to the applicant, after payment of the prescribed fee. OR
    • Refuse to grant a Licence and give reasons in writing for its decision.
11. The processing time for this procedure takes 1 month.

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Required Documents

• Application form
• Professional Indemnity Insurance Policy.
• Four (4) photographs of the proposed Chief Executive Officer.
• Curriculum Vitae and supporting documents of the proposed Chief Executive Officer.
• Duly completed application form as prescribed by the Bank and enclosures specified therein.
• Memorandum and articles of association of the organization if the proposed insurance broker is in the form of business organization.
• Any other relevant information that may be required.

Office Locations & Contacts

National Health Insurance Authority
Address: AU, Ridge Residential Area, 36 SekouToure St, Accra, Ghana
HR83+9P Accra, Ghana
No. 36-6th Avenue, Opposite AU Suite, Ridge Residential Area, Accra.
Digital address: GA-029-3976
Fax number: +233 (0) 302 232325
Contact number: +233302216970/+233 (0) 302 238136/ 233255/ 216970/ 241690
Email id: [email protected]
Location link
Contact link

Eligibility

• All local or foreigner of 18 years and above wishing to start an Insurance company in Ghana is Eligible.

Fees

• Application Fees: 500,00 GHS-

License Fee:

• Insurance: - 500,000 GHS.
• Re-Insurance Broker: - 800,000 GHS.

Validity

• An insurance licence issued remains in force until suspended, varied or revoked.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time for this procedure takes 1 months.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
E.g. the state office holds birth records since January 1908.

Required Information

• Name of Scheme
• Name of Individual
• Personal data
  • Sur name
  • First name
  • Last name
  • Postal address
  • Telephone number
  • Fax number
  • Email id
  • Nationality
  • Date of birth
  • Residential address (street, house number, suburb etc.)
  • Age and sex
  • Qualification
  • Any change of nationality Date changed
  • Current residential address
  • Any other residential address (es) in previous ten years (with dates)
• Experience
  • Period of employment (month and year)
  • From address, To address
  • Name of employer
  • Address of employer
  • Nature of employer’s business
  • Position(s) and responsibilities held
  • Reason for leaving
  • Nature of employer’s business
  • Position(s) and responsibilities held
• Details of Qualifications and Training
  • Other Business Interests
  • Principal activities
  • Date or period of directorship
  • Name of business
  • % of shares owned or controlled
  • Past or current
• Nature of business (e.g. Life insurance, Non-life insurance, reinsurance, brokerage, agency, loss assessors, loss adjuster etc.)
• Date of commencement of business.
• Names, addresses, nationality, qualifications and occupation of Directors
• Names, nationality and address of shareholders
• Names, qualifications and experience of senior executive and key management staff.
• Other Relevant Information
• Declaration

Need for the Document

• This document is necessary for running Insurance Company in Ghana.

Information which might help

• The National Health Insurance Authority (NHIA) is mandated by National Health Insurance Act, 2012 (Act 852) to regulate Private Health Insurance Schemes (PHIS) in Ghana. In performing its regulatory functions the Authority registers, licenses and supervises the operations of PHIS in Ghana.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

Link

Others

More information which might help people.