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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.
Other responsibilities include the provision of recommendation to the sector minister for policy formulation, supervision of practitioners, enforcement of compliance and public education. The development of strong relationships with regulators from other countries and international bodies such as the IAIS and ensuring the conformity of practitioners to internationally accepted standards are also key mandates of the commission.
The Sendai Framework Voluntary Commitments (SFVC) online platform allows stakeholders to inform the public about their work on DRR. The SFVC online platform is a useful toolto know who is doing what and where for the implementation of the Sendai Framework, which could foster potential collaboration among stakeholders. All stakeholders (private sector, civil society organizations, academia, media, local governments, etc.) working on DRR can submit their commitments and report on their progress and deliverables.