Requirements for Registering an Insurance Brokerage Company in Ghana: ASJ Comprehensive Guide

Executive Introduction

Registering an insurance brokerage company in Ghana is a regulated, capital-intensive process governed by the National Insurance Commission (NIC) under the Insurance Act, 2006 (Act 724). The process involves meeting a minimum capital requirement, submitting extensive documentation, and adhering to strict ongoing compliance obligations. This ASJ guide provides a comprehensive overview of the requirements for successfully registering an insurance brokerage company in Ghana.

Part 1: The Regulatory Framework

The National Insurance Commission is the primary regulator for the insurance industry in Ghana, responsible for licensing insurance companies, reinsurance companies, insurance brokers, reinsurance brokers, and loss adjusters . The legal framework is established by the Insurance Act, 2006 (Act 724), which sets out the requirements for licensing and the ongoing obligations of insurance intermediaries.

Prohibition on Unlicensed Activity: 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 in or from within the country without holding a valid licence . A person who contravenes this section is liable on summary conviction to a penalty . The NIC has enforced this provision, as demonstrated by the closure of ZETA Insurance Brokers for operating illegally for five years .

Licence Categories: The NIC issues different licences for different categories of intermediaries:

• Insurance Broker: GHC 500,000 minimum capital 

• Reinsurance Broker: GHC 1,000,000 minimum capital 

• Loss Adjuster / Technical Service Provider: GHC 500,000 minimum capital 

Part 2: Minimum Capital Requirement

The single most significant financial hurdle is the minimum capital requirement. According to the NIC’s 2024 licensing requirements, the minimum paid-up capital for an insurance broker is GHC 500,000 .

Important: 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.

Capital Monitoring: Once licensed, the NIC requires that the company’s capital be maintained at an amount not less than the prescribed minimum . Where the capital falls below the required amount, the company must immediately notify the Commission in writing. Failure to do so attracts a pecuniary penalty .

Part 3: Licensing Application – Step-by-Step

Step 1: Company Incorporation

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

Documents required at this stage include:

• Certificate of Incorporation

• Certificate to Commence Business

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

Step 2: Assemble a Detailed Application File

The NIC requires a comprehensive application accompanied by extensive documentation :

2.1 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 (without any gap)

• Police clearance certificates from country of residence (for foreigners and non-resident Ghanaians)

For corporate shareholders:

• Name and nature of business

• Company’s detailed organisational structure

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

• Country of residence

• Audited financial statements for the last five years 

2.2 Key Personnel

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

2.3 Business Plan

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

• The business plan should address: estimated setting-up costs, revenue projections by class of business, marketing and client acquisition strategy, staffing plans and organizational structure, and details of systems and controls for compliance with the Insurance Act, Regulations, and Code of Practice 

2.4 Evidence of Capital

• Evidence of availability of the minimum required capital (GHC 500,000) and its source. At least 60% of the minimum capital requirements must be 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) 

2.5 Contracts and Agreements

• Copies of all contracts regulating the applicant’s relationship with other companies, transferring functions to other companies, and any other contracts the contents of which influence the financial situation of the applicant 

2.6 Office Accommodation

• A description of the location of office accommodation to be approved by the National Insurance Commission, including the digital address and receipt of payment of rent 

2.7 Application Fee

• A non-refundable application fee of GHC 20,000 for insurance brokers 

• A licence fee will be charged if the application is approved

Step 3: NIC Review and Decision

The Commission will review the application and may require further information. Under Section 122 of Act 724, where the Commission refuses to issue a licence, it shall notify the applicant in writing, stating the reasons within thirty days .

Important: 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 .

Part 4: Health Insurance Broking Requirements (If Applicable)

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) . This is a distinct application process that 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 insurance (minimum GH¢50,000) 

• Application fee (as per NHIA schedule) 

A person shall not provide private health insurance service or operate a private health insurance scheme unless registered with the Authority and issued with a licence .

Part 5: Ongoing Obligations After Licensing

Once licensed, the insurance broker must comply with a range of ongoing regulatory obligations under Act 724 .

Licence Renewal

• 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 

Capital Maintenance

• The company must ensure that its capital is maintained at the prescribed minimum 

• Where the capital falls below the required amount, the company must immediately notify the Commission in writing 

Accounts and Records

• Records of accounts must be kept that are sufficient to record and explain its transactions and financial position with respect to its business as an insurance intermediary 

• Accounting records must be retained for a period of at least six years after the completion of the transaction to which they relate 

• Accounting records must be kept in the country 

Professional Indemnity Insurance

• A licensed insurance broker must maintain professional indemnity insurance . For health insurance brokers, the minimum cover is GH¢50,000 .

Audited Accounts

• A company holding a licence as an insurance broker shall, in respect of each financial year, prepare a revenue account, a balance sheet, a profit and loss account, and other accounts and financial statements that may be prescribed 

Prohibition on Dealing with Unlicensed Insurers

• An insurance intermediary shall not act in relation to a policy of insurance to be effected by or with an insurer that does not hold a licence issued by the NIC 

Restrictions on Directors

• A director, officer or employee of a person holding a licence as an insurance broker shall not be a director of an insurer 

Quick Reference: Requirements Checklist

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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