The objectives of these reinsurance guidelines are as follows:i) To ensure that all reinsurance arrangements entered into by insurers meet the approval of the C ...

An insurer shall ensure that before reinsuring any business overseas, available local   capacity (treaty and facultative) is exhausted. Local Capacity ...

Having due regard to market retention capacity no overseas reinsurance placement should be made in respect of the following class s of Insurance:i)    ...

An insurer shall not transact direct business with foreign intermediary. Such transaction should be through a local intermediary (broker or adjuster)  ...

i)        All businesses must be placed with a local insurer through a local broker, or directly with a local insurer. Where the business is ...

a.        An insurer or reinsurer shall submit a draft of its treaty programme for approval  prior to negotiations to the NIC by 15th o ...

The total local reinsurance participation in a treaty should not be less than that of the highest participation of any international reinsurer on that treaty pr ...

Where a company applies to NIC for approval to transfer premiums outside the country, they shall attach a completed form( a copy of the form is attached as  ...

a.        Risks located in Ghana must be carved out of the global programme and place locally  using local policy terms and rating. Aft ...

Fronting is prohibited in the Ghana Insurance Market. ...

Minimum commission for facultative reinsurances for the various classes of Insurance business shall comply with the rates approved by the Commission.  ...

a.        Sanctions to be applicable to the above Guidelines can be found in the   attached Schedule Offences and Penaltiesb.  ...