Licences Required to Become an Insurance Broker in Ghana: ASJ Complete Guide

An Accra Street Journal Business Intelligence Brief

Executive Introduction

Becoming an insurance broker in Ghana is a regulated process requiring specific licences from the National Insurance Commission (NIC) and, for health insurance broking, the National Health Insurance Authority (NHIA). The process is designed to ensure that only qualified, financially sound, and professionally competent individuals and entities operate in the insurance market.

The licensing landscape is governed by the Insurance Act, 2006 (Act 724) and supervised by the National Insurance Commission. The NIC sets minimum capital requirements, operational standards, and professional qualifications that must be met before a licence is granted.

This ASJ guide provides a complete overview of the licences required to become an insurance broker in Ghana, the conditions for obtaining them, the application process, and the specific requirements for health insurance broking.

Part 1: The Primary Licence — NIC Insurance Broking Licence

Legal Requirement

Under Section 126 of Act 724, it is a criminal offence to carry on business as, or purport to carry on business as, an insurance intermediary without holding a valid licence . The NIC is the statutory body responsible for issuing licences to insurance companies, reinsurance companies, insurance brokers, reinsurance brokers, and loss adjusters .

Eligibility: Bodies Corporate Only

Applicants can only be bodies corporate incorporated in Ghana . A partnership or sole proprietorship cannot hold an insurance broking licence . The applicant must provide:

• Certificate of Incorporation

• Certificate to Commence Business

• Copies of documents filed at the Registrar-General’s Department showing details of shareholding structure and Board of Directors

Minimum Capital Requirement

The NIC’s 2024 licensing requirements set the minimum paid-up capital for an insurance broker at GHC 500,000 .

Critical: At least 60% of the minimum capital requirement must be in cash or cash equivalent . This means a prospective broker must demonstrate access to at least GHC 300,000 in liquid funds as part of the application.

Application Fee

A non-refundable application fee of GHC 20,000 is required for insurance brokers . A licence fee will be charged if the application is approved.

Principal Officer Qualifications

The NIC requires that an insurance broker have at least two full-time officers, one of whom shall be the Chief Executive .

Source: NIC Principal Officers Requirements

Documentation Required

The NIC requires a comprehensive application accompanied by extensive documentation :

1. Shareholder and Director Information

For natural persons:

• Name, nationality, country of residence

• Comprehensive CV, completed Personal Questionnaire and Personality Notes Form

• Details of qualifications and occupation

• Comprehensive occupation/employment history

• Police clearance certificates (for foreigners and non-resident Ghanaians)

For corporate shareholders:

• Name and nature of business

• Company’s detailed organisational structure

• Detailed group structure (if applicable), showing chain of connection to ultimate owners

• Country of residence

• Audited financial statements for the last five years

2. Key Personnel

• CVs and completed Personal Questionnaires from each Shareholder, Director, Principal Officers (at least 2), and proposed Chief Finance Officer/Finance Manager

3. Business Plan

• A detailed 3-year Business Plan (broking and loss adjusting firms) containing relevant projections 

• Estimated setting-up costs

• Revenue projections by class of business

• Marketing and client acquisition strategy

• Staffing plans and organizational structure

• Systems and controls for compliance with the Insurance Act, Regulations, and Code of Practice

4. Evidence of Capital

• Evidence of availability of minimum required capital (GHC 500,000) and its source

• At least 60% in cash or cash equivalent

• An audited Statement of Affairs showing all assets and liabilities (valuation reports for motor vehicle(s), building(s) and properties with titles)

5. Contracts and Agreements

• Copies of all contracts regulating the applicant’s relationship with other companies

• Contracts transferring functions to other companies

• Any other contracts influencing the financial situation of the applicant

6. Office Accommodation

• A description of the location of office accommodation to be approved by the NIC

• Digital address and receipt of payment of rent

Part 2: Health Insurance Broker Licence — NHIA Requirement

If you intend to operate as a health insurance broker, you must obtain a separate licence from the National Health Insurance Authority (NHIA) under the National Health Insurance Act, 2012 (Act 852) .

Key Requirements

The NHIA application requires :

• Copies of company registration documents from the Registrar-General’s Department

• Detailed curriculum vitae and completed Personal Questionnaire from all Shareholders, Directors and Principal Officers

• A detailed Business Plan containing estimated setting-up costs and relevant projections

• Evidence of availability of minimum capital and its source

• Evidence of professional indemnity cover (minimum GHC 50,000) 

• Copies of all contracts regulating the applicant’s relationship with other companies

• Latest audited financial statement of the applicant

• A list of all staff indicating names, ages, qualification and rank

• Description of the office location to be approved by the Authority

Application Documents

The NHIA requires applicants to declare that they have not been adjudged insolvent or bankrupt, have not made any arrangement with creditors, and have not been convicted of an offence involving dishonesty, fraud, or gross misconduct .

Enclosures

The NHIA specifically requires the following enclosures :

1. Copies of company registration documents from the Registrar-General’s Department

2. Detailed curriculum vitae and completed Personal Questionnaire from all Shareholders, Directors and Principal Officers

3. A detailed Business Plan containing estimated setting-up costs and relevant projections

4. Evidence of availability of minimum capital and its source

5. Copies of all contracts regulating the applicant’s relationship with other companies

6. Latest audited financial statement of the applicant

7. Evidence of professional indemnity cover (minimum GHC 50,000)

8. A list of all staff indicating names, ages, qualification and rank

9. Current management accounts

10. Description of the office location to be approved by the Authority

Part 3: Application Timeline and Key Notes

Application Closure

The NIC has a strict timeline: the application file will be closed if you fail to respond to licence application queries after a period of four (4) months, and the process will have to be restarted anew .

Licence Validity

A licence expires twelve months from the date of its issue or its last renewal . Application for renewal must be made no later than three months before the expiry of the licence.

Ongoing Obligations

Once licensed, the insurance broker must comply with ongoing obligations :

• Maintain capital at the prescribed minimum

• Keep accounting records for at least six years after each transaction

• Submit annual audited accounts

• Maintain professional indemnity insurance

• Not deal with unlicensed insurers

Quick Reference: Licence Requirements

Source: Accra Street Journal 

Last Updated on July 15, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

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