ACCRA: Justice Imoro O. Amadu Tanko, a Supreme Court Justice and Director of the Judicial Training Institute in Ghana, has urged the National Insurance Commission (NIC) to lead initiatives aimed at building public confidence in the insurance sector. He emphasized the critical role of the judicial system in interpreting insurance laws to improve the sector’s penetration rate, which currently remains below 2%.
According to Ghana Web, Justice Tanko made these remarks while commending efforts by the insurance industry to educate high-ranking officials, including justices of the courts, about insurance products. Speaking at an insurance workshop organized by the NIC for Justices of the High Court, he highlighted the significance of the Insurance Act, 2021 (Act 1061), which replaced the Insurance Act, 2006 (Act 724). The new legislation established the NIC as an independent regulatory body and introduced requirements for insurance license applicants and business commencement notifications.
Justice Tanko also poin
ted to the evolving insurance jurisprudence in Ghana, citing the Asamoah vs SIC Insurance case as a landmark decision that clarified insurance contract principles. He underscored the benefits of the growing insurance industry, which include resilience to challenges, job creation, and wealth generation.
The NIC Board Chair, Ms. Abenaa Kessewaa Brown, shared encouraging statistics indicating that 44.6% of working Ghanaians have some form of insurance. She expressed gratitude to Chief Justice Gertrude Torkornoo for supporting the workshop initiative aimed at enhancing the judiciary’s understanding of insurance matters.
Michael Kofi Andoh, Acting Commissioner of Insurance, elaborated on the basic principles of insurance and the types regulated by the NIC, emphasizing its role in risk distribution. A documentary on Cargo Insurance and the Insurance Act’s requirements was also shared with participants.
Stella Jonah, Head of Supervision at the NIC, and Richard S. Eshun, General Secretary of the Ghana National Bur
eaux of the ECOWAS Brown Insurance Scheme, provided further insights into the Insurance Act’s critical provisions and cross-border insurance operations within the West African sub-region.
Justice Tanko concluded by commending the industry’s initiative and encouraging continued efforts to enhance insurance literacy and confidence. The workshop was attended by key industry figures and representatives from various organizations, including UNDP, GIZ, and the Ghana Shippers’ Authority, among others. Two Court of Appeal Judges and forty High Court Judges participated, receiving certificates and copies of the Insurance Act, 2021, to assist in future insurance-related adjudications.