Licence requirements

Documents to submit with your application

• Certificate of Incorporation — a copy
• Registrar-General's filings — copies showing the shareholding structure and the Board of Directors
• Shareholder details — for every shareholder, as set out under Shareholder details below
• Fit-and-proper records — a CV, completed Personal Questionnaire and Personality Notes Form for each shareholder (for public companies, only significant holders of 10% or more), each director, at least two principal officers, and the proposed Chief Finance Officer / Finance Manager (for technical service providers)
• A business plan — a detailed five-year plan with relevant projections (three years for broking firms, technical service providers and loss adjusters)
• Evidence of minimum capital — proof of the required capital and its source, as set out under Minimum capital below
• An audited statement of affairs — showing all assets and liabilities, with valuation reports for any vehicles, buildings and titled property
• Proposed products — proposal forms, policy wordings and rates for the products to be offered
• Auditor's consent — particulars of, and a letter of consent from, the auditor, including the auditor's digital address
• Actuary's consent — for life companies, particulars of and a letter of consent from the actuary
• Relevant contracts — copies of any contracts that govern the applicant's relationship with other companies, transfer its functions, or otherwise affect its financial position
• Audited financial statements — the applicant's latest accounts, plus the immediate parent's audited accounts and consolidated group accounts where they exist
• Office accommodation — a description of the proposed offices for the Commission's approval, including the digital address and a receipt for rent paid
• Application fee — the non-refundable fee for the relevant category, as set out under Application fees below

Shareholder details: individuals

Where a shareholder is a natural person, provide the following.

• Full name
• Nationality
• Country of residence
• A CV, completed Personal Questionnaire and Personality Notes Form
• Any other relevant information

Shareholder details: corporate shareholders

Where a shareholder is itself a company, provide the following.

• Name
• Nature of business
• The company's detailed organisational structure
• The detailed group structure, where applicable — showing the chain of connection and every associated and affiliated company up to the ultimate owners
• Country of residence
• Audited financial statements for the last five years
• Any other relevant information

Minimum capital

You must show evidence of the minimum required capital and its source. At least 60% must be held in cash or cash equivalent.

• Reinsurance company — GH₵125 million for each class of business
• Insurance company — GH₵50 million
• Reinsurance broking company — GH₵1 million
• Insurance broking, technical service providers and loss adjusters — GH₵500,000

Application fees

A non-refundable application fee is payable with each application. A separate licence fee is charged if the application is approved.

• Technical service providers — GH₵10,000
• Insurance brokers and loss adjusters — GH₵20,000
• Reinsurance brokers — GH₵40,000
• Insurers — GH₵50,000
• Reinsurers — GH₵75,000
• Foreign reinsurers and reinsurance contact offices — US$25,000

Good to know

• If you do not respond to queries on a licence application within four months, the file is closed and the process must start again.
• A technical service provider may sell both life and non-life microinsurance products.

Official document

This page summarises the Commission's published requirements. For the authoritative text, refer to the official document.

• Requirements for operational licencesPDF · official copy (February 2024)
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