NIC organizes workshop for High Court Justices

The National Insurance Commission has organized a workshop on Insurance for Justices of the High Court in Accra.

The workshop provided an open discussion forum, where participants engaged in a Q&A session.

Speaking on behalf of the Chief Justice, a Justice of the Supreme Court, Justice Tanko highlighted key provisions of the Insurance Act, 2021 (Act 1061), which replaced the earlier Insurance Act of 2006 (Act 724). 

The Act established the NIC as an independent regulatory body and mandated that insurance license applicants be legally incorporated entities. It also requires licensed insurers to notify the Commission within two weeks of commencing business.

Justice Imoro O. Amadu Tanko, a Supreme Court Justice of Ghana and Director of the Judicial Training Institute urged members of the Judicial Service to contribute to increasing public confidence in insurance products actively. Currently, Ghana’s insurance penetration rate remains below 2%.

He also praised the insurance industry for its public education efforts, reaching even the higher ranks of the judiciary, while emphasizing the role of justices in applying the law to real-world situations. He also acknowledged the limitations justices may have in technical insurance expertise.

Despite the limited body of case law on insurance, Justice Tanko noted the development of insurance jurisprudence in Ghana and referenced a significant Supreme Court ruling in the case of Asamoah vs SIC Insurance, which clarified the nature of insurance contracts. He further emphasized the economic benefits of the growing insurance sector, including job creation, wealth generation, and its ability to withstand challenges.

During the event, NIC Board Chair, Ms. Abenaa Kessewaa Brown, shared encouraging statistics, noting that 44.6% of working Ghanaians hold some form of insurance. She expressed gratitude to Chief Justice Gertrude Torkornoo for supporting the workshop initiative.

The Acting Commissioner of Insurance, Mr. Michael Kofi Andoh, delivered a presentation on the fundamental principles of insurance, covering both life and non-life policies. He also showcased a documentary on Cargo Insurance, highlighting key regulations under the Insurance Act.