New regulatory requirements

The National Insurance Commission increased the minimum capital required for the establishment of an insurance company.
Currently set at 5 million GHS (1.57 million USD), the minimum capital will be increased to 15 million GHS (4.7 million USD) as of December 2015, a change that is likely to help strengthen insurers’ financial base.

The other novelty consists in turning health insurance mutuals, by the end of September at the latest, into limited health insurance companies. The deadline for implementing this directive has been set for September 2015.
These amendments to the regulations are likely to promote the consolidation of the various market players.

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