IMANI wants NIC to probe possible conflicts of interest in reinsurance arrangements

IMANI Africa is asking President Mahama to direct the National Insurance Commission (NIC) to investigate "troubling signals of conflict of interest and inappropriate third-party involvement in recent insurance and reinsurance transactions involving state institutions." The petition highlights concerns raised by GLICO General Insurance Ltd about actors who allegedly hold both regulatory influence and commercial interest in the insurance placement chain.

IMANI argues that such dual roles-if proven-would violate the market conduct rules under the Insurance Act, 2021 (Act 1061), which outlines strict boundaries for authorised intermediaries and prohibits entities from influencing placements where they have commercial stakes. The think tank warns that any instance where regulatory actors appear to be participating in placements or influencing reinsurance arrangements would fundamentally undermine industry confidence. According to the petition, "This is not only a legal concern...It is a market stability concern. The insurance sector is built on trust in regulatory neutrality."

IMANI wants the Presidency to empower the NIC to undertake three key actions: Review the placement structures used in recent major insurance programmes involving SOEs, investigate allegations of third-party involvement in reinsurance processes and enforce market conduct rules to prevent regulatory and commercial overlaps. The group argues that without firm action, the industry may see erosion in underwriting confidence, distorted pricing, and a perception that some insurers or intermediaries enjoy privileged access due to their proximity to regulatory actors. IMANI insists that Ghana's insurance ecosystem can only function effectively if regulatory oversight is both independent and visibly impartial.