NIC Warns Public Against Transacting with Unlicensed Insurance Brokers in Ghana

The National Insurance Commission (NIC) has issued public notices cautioning Ghanaians against conducting insurance business with unlicensed brokers.

According to the NIC, companies such as UGroup Limited and Genuine Insurance Brokers Limited are not licensed under the Insurance Act, 2021 (Act 1061), and any dealings with them may not be legally protected.

The Commission emphasized that only licensed insurers and brokers are authorized to solicit, underwrite, or facilitate insurance services in Ghana. Consumers are urged to verify the licensing status of any insurance broker before transacting business to avoid potential financial loss.

The Insurance Act, 2021 (Act 1061) provides a regulatory framework to protect consumers, ensure financial stability in the insurance sector, and promote professionalism among brokers and insurers.

The NIC has reiterated that it will take legal action against unlicensed operators to safeguard the interests of the public and maintain confidence in Ghana’s insurance sector.

Members of the public are encouraged to:

·         Confirm broker licenses via the NIC website

·         Avoid transacting with unverified insurance companies

·         Report any suspicious insurance activity to the NIC

By following these steps, consumers can protect their investments and ensure they receive legitimate insurance coverage.