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National Insurance Commission

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The National Insurance Commission (NIC) was established under Insurance Law 1989 (PNDC Law 227) , but now operates under Insurance Act, 2006 (Act 724). The object of the Commission, as detailed in Act 724 is to ensure effective administration, supervision, regulation and control the business of Insurance in Ghana.

NIC is mandated to perform a wide spectrum of functions including licensing of entities, setting of standards and facilitating the setting of codes for practitioners. The Commission is also mandated to approve rates of insurance premiums and commissions, provide a bureau for the resolution of complaints and arbitrate insurance claims when disputes arise.

Have a look at our website for more detailed information regarding the insurance industry in Ghana.

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From The Glossary »

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Rebating:

A practice that consists of granting to an insured, as an inducement to accept a policy, a part of the commission paid to the agent by the company.
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