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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
