INSURANCE ACT, 2006 ACT 724, SS 124

122. Refusal of application

Where the Commission

(a) refuses to issue a licence, or

(b) issues a licence but, in the case of an insurance broker or an insurance loss adjuster, refuses to authorise all the classes of insurance business, specified in the application, it shall notify the applicant in writing of its refusal, stating the reasons within thirty days.

123. Appeal to High Court

(1) A person aggrieved by the refusal of the Commission to grant an application for licence may within sixty days after the date of the notice of refusal appeal to the High Court.

(2) Where the appeal is allowed the Commission shall license the insurance intermediary.

124. Application for renewal of insurance intermediary’s licence

(1) An insurance intermediary may apply to the Commission for the renewal of its licence.

(2) An application under subsection (1) shall

(a) be in writing,

(b) contain the prescribed information and be in the prescribed form,

(c) be accompanied with the prescribed documentation, and

(d) be made no later than

i. three months before the expiry of the licence, or

ii. subject to subsection (3), the later date that the Commission may allow.

(3) Despite subsection (2) (d) (ii), application for the renewal of a licence shall be made prior to the expiry of the licence.

(4) The Commission may require an insurance intermediary to furnish it with such other documentation and information that it considers necessary to determine the application for renewal of the licence.

125. Renewal of insurance intermediary’s licence

(1) The Commission shall renew the licence of an insurance intermediary where it is satisfied that the insurance intermediary

(a) continues to meet the requirements for the issue of a licence, and

(b) is in compliance with this Act, Regulations the Code of Practice and, where applicable, the Market Conduct Rules.

(2) The renewal of a licence under this section is effective from the date when the licence renewed would have expired but for the renewal.

126. Prohibition on unlicensed business as an insurance intermediary

(1) A person shall not carry on business as, or purport to carry on business as, an insurance intermediary in or from within the country unless

(a) the person holds a licence issued under sections 115 and 116 in the appropriate category, and

(b) the licence has not been suspended under section 176.

(2) For the purposes of subsection (1), a company incorporated under the Companies Code or a person resident in the country that carries on business as an insurance intermediary outside the country carries on the business of an insurance intermediary from within the Republic.

(3) A person who carries on or purports to carry on business as an insurance intermediary contrary to subsection (1) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

127. Restriction on contact office

(1) An offshore insurance intermediary shall not open, maintain or carry on business through a representative, branch or contact office in the country unless it has obtained the prior written approval of the Commission.

(2) A person shall not

(a) establish or maintain a place of business to solicit insurance intermediary’s business, or

(b) establish or maintain a representative, branch or contact office in the country, for an offshore insurance intermediary, unless the offshore insurance intermediary has obtained the written approval of the Commission under subsection (1).

(3) In this section “off shore insurance intermediary” means an insurance intermediary incorporated, constituted or formed with its main place of business outside the country.

128. Application for approval to establish contact office

(1) An application for approval under section 127 shall

(a) contain the prescribed information and be in the prescribed form, and

(b) be accompanied with the prescribed documentation.

(2) The Commission may require an offshore insurance intermediary to furnish it with such other documentation and information as it considers necessary to determine an application.

(3) The Commission may approve an application subject to the conditions that it considers appropriate.

129. Variation of condition of offshore insurance intermediary

(1) The Commission may, upon giving reasonable written notice to an offshore insurance intermediary

(a) vary or revoke any condition to which the offshore insurance intermediary is subject, or

(c) impose new conditions on an offshore insurance intermediary.

130. Offence for maintaining an office without approval

An offshore insurance intermediary who contravenes section 127 commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

131. Maintenance of capital by insurance intermediary

(1) A company that holds a licence as an insurance broker or an insurance loss adjuster shall ensure that its capital is maintained in an amount not less than the prescribed minimum capital applicable to its licence.

(2) Where the capital of an insurance intermediary falls below the amount that it is required to maintain under subsection (1), it shall immediately notify the Commission in writing.

(3) An insurance intermediary that contravenes subsection (1) or subsection (2) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

132. Deposits by insurance intermediary

(1) The Commission may, by notice require a person holding a licence as an insurance broker or an insurance loss adjuster to deposit a sum specified in the notice with the Bank of Ghana.

(2) The Commission may, by notice at any time increase the deposit to be provided by such a person.

(3) A notice issued under subsection (1) or (2) shall specify a reasonable period within which the deposit, or increased deposit, shall be made.

133. Return of deposit

Where the Commission is satisfied that there is good reason for a deposit made under section 132 to be returned to the insurance intermediary, it may by notice authorise the return of the deposit, and a deposit made by an insurance intermediary under section 132 shall not be returned to the insurance intermediary unless the Commission has issued a notice authorising the return.

134. Restrictions on insurance intermediary, their directors, officers and employees

(1) A director, officer or employee of a person holding a licence as an insurance broker shall not be a director of an insurer.

(2) A person holding a licence as an insurance loss adjuster shall not be a director, officer or employee of a company holding a licence as an insurance broker.

135. Prohibition to deal with unlicensed insurer

(1) An insurance intermediary shall not act in relation to a policy of an insurance to be effected by or with an insurer that does not hold a licence issued under section 38 or that has not been suspended, unless the insurer is an offshore insurer that has been authorised in respect of the policy under section 38.

(2) Subsection (1) does not apply where the insurance intermediary is acting in relation to a policy of reinsurance that, under this Act or the Regulations, is permitted to be effected with an offshore insurer.

136. Collection of premiums by insurance intermediary

An insurance intermediary shall not receive, hold or in any way deal with a premium payable under an insurance policy entered into or to be entered into with an insurer, unless the insurance intermediary receives, holds or deals with the premium in accordance with rules or guidelines of the Commission.

137. Accounts records

(1) An insurance intermediary whether a company, a partnership or an individual, shall keep records of accounts,

(a) that are sufficient to record and explain its transactions and financial position with respect to its business as an insurance intermediary and any other business that it may carry on,

(b) that enable it to prepare the accounts and make the returns required under this Act and Regulations, and

(c) in the case of a company or partnership licensed as an insurance broker or an insurance loss adjuster, that enables its accounts to be audited in accordance with this Act and Regulations.

(2) An insurance intermediary shall retain accounting records for a period of at least six years after the completion of the transaction to which they relate.

(3) An insurance intermediary shall

(a) keep its accounting records in the country, and

(b) notify the Commission in writing of the place in the country where accounting records are kept.

(4) An insurance intermediary that contravenes this section is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

138. Financial year of insurance intermediary

The financial year of an insurance intermediary shall be the same as the financial year of Government.

139. Preparation and lodgement of accounts

(1) A company or partnership holding a licence as an insurance broker or an insurance loss adjuster shall, in respect of each financial year, prepare

(a) a revenue account for the year,

(b) a balance sheet as at the last day of the year,

(c) a profit and loss account for the year, and

(d) other accounts and financial statements that may be prescribed.

(2) The accounts and statements specified in subsection (1) shall be lodged with the Commission within four months after the end of the financial year to which they relate accompanied with

(a) a directors’ certificate,

(b) an auditor’s report, and

(c) any other prescribed document, in each case, containing the information in a prescribed form.

(3) Unless accompanied by the certificates, reports and documents specified in subsection (2), the accounts and statements referred to in subsection (1) are not considered to have been lodged with the Commission.

(4) A company or partnership holding a licence as an insurance broker or an insurance loss adjuster that contravenes subsection (1) or (2) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

140. Extension of time

(1) The Commission may, on the application of an insurance intermediary, extend the time for compliance with section 139 (2) for a period of one month or where it grants more than one extension for an aggregate period, not exceeding three months.

(2) An extension may be granted subject to such conditions as the Commission considers appropriate.

141. Lodgement of quarterly accounts and returns

(1) A company or partnership holding a licence as an insurance broker or a loss adjuster shall, in respect of each quarter, lodge with the Commission the accounts, financial statements and reports that may be prescribed.

(2) The reports, accounts and statements specified in subsection (1) shall be lodged with the Commission within six weeks after the end of the quarter to which they relate accompanied with a certificate containing the information and in the form prescribed.

(3) Unless they are accompanied by a certificate complying with the Regulations, the reports, accounts and financial statements referred to in subsection (1) are not considered to have been lodged with the Commission.

(4) The Commission may, on the application of a licensee under this Part, extend the time for compliance with subsection (2) for a period of one month or where it grants more than one extension for an aggregate period not exceeding three months.

(5) An extension under subsection (4) may be granted subject to the conditions that the Commission considers appropriate.

(6) An insurance intermediary that contravenes this section is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

142. Amendment of accounts

(1) Where the Commission considers that any document lodged by an insurance intermediary under section 139 is inaccurate or incomplete or is not prepared in accordance with this Act, Regulations, or the Code of Practice, it may by notice require the insurance intermediary to amend the document or to lodge a replacement document.

(2) Where an insurance intermediary fails to comply with a notice under subsection (1), the Commission may itself amend the document or reject the document.

(3) A document amended by the Commission or by the insurance intermediary is treated as having been lodged in its amended form.

143. Insurance intermediary to appoint an auditor

(1) A company or partnership holding a licence as an insurance broker or an insurance loss adjuster shall appoint an auditor for the purposes of auditing the accounts referred to in paragraph (a) to (c) of section 139 (1), and the accounts and statements referred to in section 139 (1) (d) that the Regulations specify shall be audited.

(2) An auditor shall not be appointed under subsection (1) unless

(a) the auditor is qualified under the Regulations to act as the auditor of an insurance broker or an insurance loss adjuster, and

(b) the Commission has given its approval in writing to the appointment.

(3) The Commission shall not approve the appointment of an auditor unless it is satisfied that the auditor has sufficient experience and is competent to audit the accounts of the insurance broker or insurance loss adjuster concerned.

(4) A company or partnership which holds a licence as an insurance broker or an insurance loss adjuster shall make such arrangements as are necessary to enable its auditor to audit its accounts and financial statements in accordance with this Act.

(5) Despite subsection (2), the approval of the Commission is not required where the auditor appointed in respect of a financial year acted as the auditor of the company or partnership in the previous financial year.

(6) A company or partnership which holds a licence as an insurance broker or an insurance loss adjuster shall, within fourteen days of the appointment of its auditor, submit a notice of the appointment in the prescribed form to the Commission.

(7) A company or partnership holding a licence as an insurance broker or an insurance loss adjuster that contravenes subsection (1) or subsection (6) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

144. Audit report

(1) Upon completion of the audit of the accounts and financial statements referred to in section 143 (1), the auditor shall provide an audit report that complies with the Regulations to the insurance intermediary.

(2) The Commission may at any time, by notice, direct a company or partnership which holds a licence as an insurance broker or an insurance loss adjuster to supply the Commission with a report, prepared by its auditor or other person nominated by the Commission, on such matters as the Board may determine which may include an opinion on the adequacy of the accounting and control systems of the company.

(3) A report prepared under subsection (2) shall be at the cost of the insurance intermediary.

145. Obligations of auditors

(1) Despite anything to the contrary in any other enactment, the auditor of a company or partnership holding a licence as an insurance broker or an insurance loss adjuster shall

(a) provide the Commission with a copy of the audit report provided to an insurance intermediary,

(b) report immediately to the Commission any information relating to the affairs of the company that the auditor has obtained in the course of acting as its auditor that, in the opinion of the auditor, suggests

i. that the insurance intermediary is insolvent or is likely to become insolvent or is likely to be unable to meet its obligations,

ii. that a criminal offence has been or is being committed by the insurance intermediary or in connection with its business,

iii. that the insurance intermediary, if a company, is in breach of section 131, or

iv. that serious breaches of this Act or Regulations have occurred in respect of the company or partnership or its business as an insurance intermediary.

(2) Where the appointment of an auditor is terminated, the auditor shall

(a) immediately inform the Commission of the termination of the appointment and disclose to the Commission the circumstances that gave rise to the termination, and

(b) where, but for the termination of the appointment, the auditor would have

i. sent an auditor’s report to the Commission under subsection (1) (a), or

ii. report information to the Commission under subsection (1) (b), the auditor shall send a copy of the report to the Commission, or report the information concerned to the Commission, as if the appointment had not been terminated.

(3) The Commission may require an auditor of a company or partnership holding a licence as an insurance broker or an insurance loss adjuster to discuss an audit the auditor has conducted or commenced with, or provide additional information regarding the audit to the Commission.

(4) Where, in good faith, an auditor provides a report, certificate or information to the Commission under subsections (1), (2) or (3), the auditor is not considered to be in contravention of an enactment, rule of law or professional code of conduct to which the auditor is subject and no civil, criminal or disciplinary proceedings shall lie against the auditor in respect of it.

(5) The failure, in good faith, of an auditor to provide a report, certificate or information to the Commission under subsection (1), (2) or (3) does not confer upon any other person a right of action against the auditor which, but for that failure, the person would not have had.

(6) An auditor who contravenes subsection (1) or (2) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

146. Powers of Commission with regard to appointment of auditor

(1) Where the Commission is satisfied that the auditor of a company or partnership holding a licence as an insurance broker or an insurance loss adjuster has failed to fulfil an auditor’s obligations under this Act or is otherwise not qualified to act as the auditor of an insurance broker or an insurance loss adjuster, it may, by written notice to the insurance intermediary, revoke the approval of the appointment of the auditor and the insurance intermediary shall appoint a new auditor.

(2) A notice revoking the appointment of an auditor under subsection (1) shall be given to the auditor.

(3) Where a company or partnership holding a licence as an insurance broker or an insurance loss adjuster fails to appoint an auditor, the Commission may appoint a person qualified under the Regulations to act as the auditor of the insurance intermediary.

(4) An auditor appointed under subsection (3) is considered for the purposes of this Act to have been appointed by the insurance intermediary.

147. Insurance intermediary not to be wound up by private liquidation

(1) A company that holds or at any time has held a licence as an insurance broker or as an insurance loss adjuster referred to in this Part as a relevant company shall not be wound up by a private liquidation under the Companies Code.

(2) Any resolution of a relevant company to be wound up by private liquidation under the Companies Code is of no effect.

148. Further modification of Act 180

The provisions of Bodies Corporate (Official liquidations) Act, 1963 (Act 180) as modified in section 92 is further modified relating to the official liquidation of companies in respect of relevant companies and companies that are carrying on or have carried on business as an insurance intermediary without a licence.

149. Commencement of proceedings

(1) The official winding up of a relevant company may be commenced by a special resolution of the company where the Commission has given its prior written consent to the passing of the resolution.

(2) A resolution of a relevant company to appoint a liquidator in contravention of subsection (1) is void.

(3) Where the members of a relevant company appoint a liquidator in accordance with this section, the Commission may by notice in writing direct the liquidator to advertise his or her appointment in such manner as is specified in the notice.

(4) A liquidator who fails to advertise his or her appointment in accordance with a directive of the Commission issued under subsection (3) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

150. Commission may present petition to wind up insurance intermediary

(1) The Commission may present a petition to the court for official liquidation under Act 180 of

(a) a relevant company, or

(b) a company that is carrying on or has carried on business as an insurance intermediary without a licence.

(2) On a petition presented under subsection (2), the Court may make an order for the official liquidation of the company

(a) on a ground specified in Act 180,

(b) where the Court is satisfied that it is in the public interest that the company be wound up, or

(c) in the case of a relevant company, if the company has failed to lodge with the Commission, within the time period specified, the documents specified in section 139 (2).

(3) For the purposes of subsection (2) (b), the public interest includes the interests of the customers of a relevant company.

(4) On the hearing of a petition for the official liquidation of a relevant company presented by the Commission under this section, evidence that the company has, at any time prior to the date of the presentation of the petition been insolvent is, unless the contrary is proved, evidence that it continues to be insolvent.

151. Service on Commission

A petition for the official liquidation of a relevant company shall, where presented by a person other than the Commission, be served on the Commission and the Commission is entitled to appear and be heard at the hearing of the petition.

General Provisions on Licensing
152. Monitoring of advertisements

(1) An insurer or insurance intermediary shall not issue, or cause or permit to be issued, any advertisement, statement, brochure or other similar document which is misleading or which contains an incorrect statement of act.

(2) Where the Commission is of the opinion that any advertisement, statement, brochure or other similar document issued, or to be issued, by or on behalf of an insurer or an insurance intermediary is misleading, contains an incorrect statement of fact or is contrary to the public interest, it may

(a) direct the insurer or insurance intermediary in writing not to issue the document or to withdraw it, or

(b) authorise the insurer or insurance intermediary in writing to issue the document with such changes as the Commission may specify.

(3) An insurer or insurance intermediary that issues or causes or permits to be issued an advertisement, statement, brochure or other similar document intending it to mislead or knowing that it contains an incorrect statement of fact, commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

(4) An insurer or insurance intermediary that issues or causes or permits to be issued an advertisement, statement, brochure or other similar document contrary to a directive of the Commission under subsection (2) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

153. Commission may request change of name

(1) The Commission may, by written notice, require an insurer or insurance intermediary who carries on insurance business or the business of acting as an insurance intermediary under a name that is

(a) identical to that of any other person, whether within or outside the country, or which so nearly resembles that name as to be likely to deceive,

(b) likely to suggest falsely the patronage of or connection with some person whether within or outside the country,

(c) likely to suggest falsely that the person has special status in relation to or derived from the Government or has the official approval of, or acts on behalf of, the Government or of any of its departments or officials, or

(d) is otherwise misleading or undesirable, to immediately change its name.

(2) A person who fails to change the name under which business is carried on within seven days of the date of receipt of a written notice under subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

154. Commission shall approve change of name

(1) An insurer or insurance intermediary shall not, without the prior written approval of the Commission

(a) change the name under which it carries on business, and

(b) in the case of a corporate body, change its name.

(2) An insurer or insurance intermediary who contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

155. Filing of returns and submission of information to Commission

(1) An insurer or insurance intermediary shall submit, report any information or furnish any returns or documentation prescribed by the Regulations or required by the Code of Practice or the Market Conduct Rules to the Commission within such time and verified in such form and manner as is prescribed or required by the Regulations, the Code of Practice or the Market Conduct Rules.

(2) An insurer or insurance intermediary who contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

(3) A person who in submitting a report required under subsection (1) makes a false statement of a material fact or omits to state a material fact required to be provided by the Commission or necessary to avoid the report being materially misleading commits an offence.

(4) A person does not commit an offence under subsection (3) if the person did not know and with the exercise of reasonable diligence could not have known that the report contained a false statement or omitted a material fact.

156. Defective returns

(1) Where the Commission considers that any document furnished by an insurer or insurance intermediary under section 155 is inaccurate or incomplete or is not prepared in accordance with this Act, Regulations, the Code of Practice or the Market Conduct Rules, it may by written notice require the insurer or insurance intermediary to amend the document or to lodge a replacement document.

(2) Where an insurer or insurance intermediary fails to comply with a notice under subsection (1), the Commission may itself amend the document or reject the document.

(3) A document amended by the Commission or by the insurer or insurance intermediary is considered as having been lodged in its amended form.

157. Notification to Commission of any judgement

An insurer or insurance intermediary shall notify the Commission of a judgement obtained against it and shall provide the Commission with evidence as to whether or not the judgement has been satisfied.

158. Fees payable to Commission

A fee, charge or contribution which is owed to the Commission under this Act or the Regulations may be recovered as a debt due to the Commission.

159. Restrictions on disclosure of information

(1) Subject to subsection (2), the Commission and a person acting under the Commission’s authority shall not disclose to any person information concerning the affairs of a protected person that the person has acquired in the discharge of duties or performance of functions under this Act or under any other enactment.

(2) Subsection (1) does not apply to a disclosure

(a) required or permitted by a Court of competent jurisdiction in the country,

(b) to any person for the purpose of discharging a duty or exercising a power under this Act,

(c) in respect of the affairs of a protected person made with the consent of that protected person,

(d) if the information disclosed is or has been available to the public from any other source,

(e) where the information disclosed is in a summary or in statistics expressed in a manner that does not enable the identity of the protected person to whom the information relates to be determined, or

(f) made by the Commission to a foreign regulatory authority upon the written request of that authority in accordance with section 171.

(3) For the purposes of this section, “protected person” means

(a) a person who has applied for an insurer or insurance intermediary licence, or

(b) a policyholder or a former policyholder of an insurer.

(4) A person who contravenes this section commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

(5) For the purposes of this section, “licence made under this Act” includes a person who has at any time been licensed under this Act but who has since ceased to be a licensee under this Act.

160. Display of licence

(1) An insurer or insurance intermediary shall prominently display a copy of its licence at each of the premises where the business is carried on.

(2) An insurer or insurance intermediary who contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

161. Service of notice to policy holder

(1) Where a notice is required by this Act or the Regulations to be sent by an insurer or insurance intermediary to a policyholder, it may be sent to the last address of the policyholder notified by the policyholder to the insurer or insurance intermediary.

(2) Where a person who claims to be interested in a policy has given notice of that interest to an insurer or insurance intermediary, a notice required to be sent by the insurer or insurance intermediary to a policyholder shall also be sent to the person claiming interest at the address specified by that person in the notice to the insurer or insurance intermediary.

162. Change in circumstances relating to application to Commission

(1) Where, before the determination by the Commission of any application made under this Act, whether by an insurer or insurance intermediary or otherwise, there is a material change in information or particulars provided by the applicant to the Commission in connection with the application, the applicant shall immediately give the Commission written particulars of the change.

(2) A person who contravenes subsection (1) is liable to pay to the Commission the percuniary penalty stated in the First Schedule.

163. Limitation of section 261 of the Companies Code

(1) The Registrar of Companies shall send to the Commission a copy of any notice that is sent to an insurance company under section 261 of the Companies Code with evidence of despatch.

(2) The Registrar shall not strike out the name of a company that holds, or has held a licence from the register of companies under section 261 of the Companies Code without the prior written consent of the Commission.

164. Restriction on the use of the words “insurance”, “assurance” and “underwrite”

(1) A person other than an insurer or insurance intermediary licensed under this Act shall not

(a) use the words “insurance”, “assurance” or “underwrite” or any combination or derivative as part of the business name, style or title of that person,

(b) use a word that in the opinion of the Commission connotes an insurance business or the business of an insurance intermediary, or

(c) make a representation in a document or in a manner that is likely to suggest that the person is an insurer or insurance intermediary licensed under this Act.

(2) A person who contravenes subsection (1) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

Inspection and Enforcement
165. Inspections

(1) The Commission may, at any time, for the purposes of supervision of insurers and insurance intermediaries

(a) inspect the premises, business and affairs, including the procedures, systems and controls, of a person, whether in or outside Ghana,

(b) inspect the assets, including cash, belonging to or in the possession or control of any person, and

(c) examine and make copies of documents, including accounting records, belonging to or in the possession or control of a person who in the opinion of the Commission, relate to the carrying on by the person of insurance business or the business of an insurance intermediary.

(2) When undertaking an inspection, the Commission may have regard to matters which, in its opinion, are relevant to the supervision of insurers and insurance intermediaries including

(a) verifying the capital and, in the case of an insurer, the solvency margin and reserves,

(b) satisfying itself that the insurer or insurance intermediary is in compliance with this Act, Regulations, the Code of Practice, the Market Conduct Rules, any conditions to which its licence is subject and any directives that the Commission may have issued to an insurer or insurance intermediary, and

(c) satisfying itself that the insurer or insurance intermediary has adequate procedures in place to prevent it from being used for the purposes of money laundering or for terrorist funding.

(3) The Commission shall give reasonable notice to an insurer or insurance intermediary of its intention to exercise its powers under subsection (1).

(4) Without limiting the scope of subsection (1), the Commission shall ensure that an inspection is carried out in respect of an insurer or insurance intermediary not less than once in every two years.

(5) In undertaking an inspection, the Commission shall exercise reasonable care to avoid hindrance to the day to day activities of the insurer or insurance intermediary.

166. Duties of directors, officers and managers in relation to inspection

(1) Where the Commission is undertaking an inspection in relation to an insurer or insurance intermediary that insurer or insurance intermediary shall

(a) give the Commission access to its premises and to the assets that the Commission, in the opinion of the insurer or insurance intermediary needs access to for the purposes of the inspection,

(b) give the Commission access to all documents, including accounting records, and produce to the Commission any documents the Commission requires, and

(c) provide the Commission with information and explanations that the Commission may reasonably require.

(2) Where documents required by the Commission for the purposes of an inspection are held by a person other than the insurer or insurance intermediary the Commission shall ensure that the person concerned produces those documents to the Commission and provides the Commission with the information and explanations that the Commission requires.

(3) When undertaking an inspection, the Commission may, by written notice, require a director, officer or manager of the insurer or insurance intermediary to provide it with any information and explanations it reasonably requires.

(4) An insurer or insurance intermediary who contravenes subsection (1) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

(5) A director, officer or manager of an insurer or insurance intermediary commits an offence if, having received a written notice under subsection (2), and without reasonable excuse fails or refuses to provide the Commission with the information and explanations that the Commission requires and is liable on summary conviction to the penalty stated in the First Schedule.

167. Report on inspection

(1) The Commission shall, within six weeks after completing an inspection, forward a report to the insurer or insurance intermediary concerned setting out a summary of its findings.

(2) The report issued

(a) may contain any recommendations to the insurer or insurance intermediary concerning the conduct of its business, its systems, procedures or controls or concerning such other matters as the Commission considers appropriate, and

(b) shall specify whether or not the Commission requires a response from the insurer or insurance intermediary concerning the report and, if it does require a response, may indicate particular aspects of the report or particular recommendations in respect of which a response is required.

(3) Where the Commission specifies in its report that it requires a response to the report, the insurer or insurance intermediary concerned shall provide a response to the Commission within fourteen days of receiving the report, or within such longer period as may be specified in the report.

(4) An insurer or insurance intermediary who fails to comply with subsection (3) commits an offence and is liable on summary conviction to the penalty stated in the First Schedule.

168. Power of Commission to gather information

(1) Where reasonably required by the Commission for the performance of its functions under this Act or any other enactment or, subject to section 171 on the written request of a foreign regulatory authority, the Commission may, by notice given to a person specified in subsection (2), require that person to submit specified information or documentation.

(2) A notice under subsection (1) may be issued to

i. an insurer or insurance intermediary,

ii. a person connected with an insurer or insurance intermediary,

iii. a person carrying on insurance business or the business of an insurance intermediary, or

iv. a person reasonably believed to have the information or documentation to which the notice relates.

(3) The notice shall specify the place where and the period within which the information or documents shall be submitted.

(4) The Commission may request that

(a) information submitted under this section to be provided shall be in the form that the Commission may request,

(b) information submitted is authenticated in the manner that the Commission may reasonably request, and

(c) the person to whom the notice is issued, or a person who is or has been a director, auditor or actuary of that person, provide such explanations relating to the information submitted as the Commission requests.

(5) The Commission may take copies or extracts of any documents produced under this section.

(6) Where a person claims a lien on a document, its production under this section is without prejudice to the person’s lien.

169. Privileged document and information

(1) A person is not required to disclose information under section 168 if that person would be entitled to refuse to disclose the information or to produce the document on the grounds of legal professional privilege in legal proceedings.

(2) For the purposes of this section, information comes to a lawyer in privileged circumstances if it is communicated or given to the lawyer

(a) by a client or by a representative of the client in connection with the giving by the lawyer of legal advice to the client,

(b) by a person or that person’s representative seeking legal advice from the lawyer, or

(c) by a person in contemplation of, or in connection with, legal proceedings, or for the purposes of those proceedings.

(3) Information shall not be treated as coming to a lawyer in privileged circumstances if it is communicated or given with a view to furthering any criminal purpose.

(4) Despite subsection (1), a lawyer may be required under section 168 to provide the name and address of the client.

170. Examination under oath

(1) Where, in connection with a direction given under section 168, the Commission considers it necessary to examine a person on oath, the Commission may apply to the court to have that person examined by the court and to have the results of that examination transmitted to the Commission.

(2) On an application under subsection (1), the court may order the examination of a person under oath on such terms and conditions as the court considers fit.

171. Assistance to foreign regulatory authorities

(1) Where a foreign regulatory authority requests the Commission in writing to provide it with assistance in connection with the exercise of its regulatory functions, the Commission may disclose information, or provide documentation, in its possession to the foreign regulatory authority in accordance with this section.

(2) The Commission shall not

(a) issue a notice under section 168 on the request of a foreign regulatory authority, or

(b) disclose information or provide documentation to a foreign regulatory authority under subsection (1),

unless it is satisfied that the information or documentation to which the request relates is reasonably required by the foreign regulatory authority for the purposes of its regulatory functions.

(3) In deciding whether or not to issue a notice on the request of a foreign regulatory authority or to disclose information or provide documentation to a foreign regulatory authority under subsection (1), the Commission may take into account, in particular

(a) whether reciprocal treatment would be given to the Commission in the country or territory of the foreign regulatory authority,

(b) whether the request relates to the breach of a law, or other requirement, which has no close parallel in the country or involves the assertion of a jurisdiction not recognised by the country,

(c) the seriousness of the case and its importance to persons in Ghana, and

(d) whether it is otherwise appropriate in the public interest to provide the assistance sought.

(4) For the purposes of subsection (3) (a), the Commission may request the foreign regulatory authority making the request to give a written undertaking, in the form that the Commission may require to provide corresponding assistance to the Commission.

(5) Where a foreign regulatory authority fails to comply with a requirement of the Commission made under subsection (4), the Commission may refuse to provide the assistance sought by the foreign regulatory authority.

(6) The Commission may decide that it will not, on the request of a foreign regulatory authority, exercise its powers unless,

(a) it is satisfied that any information provided to the foreign regulatory authority will not be used in any criminal proceedings against the person furnishing it, other than proceedings for an offence under section 168 or for an offence of perjury or any like offence, and

(b) the foreign regulatory authority undertakes to make contribution towards the cost of exercising the Commission’s powers that the Commission considers appropriate.

(7) The Commission shall not exercise its powers under subsection (1) unless it is satisfied that the information or documentation provided to a foreign regulatory authority will be subject to safeguards equivalent to those contained in section 169.

172. Search warrant

(1) A magistrate may issue a search warrant under this section where the magistrate is satisfied on information on oath or affirmation given on behalf of the Commission that there are reasonable grounds for believing that the conditions specified in subsection (2) have been satisfied.

(2) The conditions referred to in subsection (1) are

(a) that a person has failed to comply with a notice of the Commission issued under section 168 (1) within the time period specified in the notice and that on the premises specified in the warrant

i. there are documents that have been required to be produced, or

ii. there is information that has been required to be provided,

(b) that a notice could be issued by the Commission under section 168 (1) against a person, and

i. there are documents, or there is information, on the premises specified in the warrant in respect of which a notice under section 168 (1) could be issued, and

ii. if a notice under section 168 (1) was to be issued, it would not be complied with or the documents or information to which the notice related would be removed, tampered with or destroyed, or

(c) that

i. a relevant offence has been, or is being, committed by a person, and

ii. there are documents, or there is information, on the premises specified in the warrant that evidence the commission of the offence, and

iii. if a notice under section 168 (1) was to be issued, it would not be complied with or the documents or information to which the notice related would be removed, tampered with or destroyed.

(3) A warrant issued under this section shall authorise a named representative of the Commission, together with a police officer and any other person named in the warrant,

(a) to enter the premises specified in the warrant at any time within seven days from the date of the warrant,

(b) to search the premises and take possession of a documents or information appearing to be documents or information of a type in respect of which the warrant was issued or to take, in relation to such documents or information, any other steps which appear to be necessary for preserving or preventing interference with them,

(c) to take copies of, or extracts from documents or information appearing to be documents or information of a type in respect of which the warrant was issued,

(d) to require a person on the premises to provide an explanation of a document or information appearing to be a document or information of a type in respect of which the warrant was issued or to state where such documents or information may be found, and

(e) to use the force that may be reasonably necessary.

(4) Unless a Court, on the application of the Commission, otherwise orders, a document of which possession is taken under this section may be retained

(a) for a period of three months, or

(b) if within that period, proceedings for a criminal offence to which the document is relevant, are commenced against any person, until the conclusion of those proceedings.

(5) In this section, “premises” includes a vehicle, vessel or aircraft.

173. Appointment of examiner

(1) Where the Commission is entitled to take enforcement action against an insurer or insurance intermediary under section 175 it may appoint one or more competent persons as examiners to conduct an investigation on its behalf.

(2) The matters investigated by an examiner appointed under subsection (1) may include one or more of the following:

(a) the nature, conduct or state of the business of the insurer or insurance intermediary;

(b) a particular aspect of the business of the insurer or insurance intermediary; and

(c) the ownership or control of the insurer or insurance intermediary.

(3) An examiner appointed under subsection (1) may, also investigate the business of any person who is, or at any time has been

(a) a member of the group of which the person under investigation is a part, or

(b) a partnership of which the person under investigation is a member where necessary for the purposes of the investigation.

(4) The appointment of an examiner shall be made on the terms and conditions that the Commission considers appropriate.

174. Order of Court

(1) Where a person fails to comply with a notice issued by the Commission, the Commission may apply to the Court for an order requiring that the person comply with the notice.

(2) On an application by the Commission under subsection (1), the Court may order the person to whom the notice was issued

(a) to comply with the notice, or

(b) to comply with a part of the notice as it considers appropriate.

(3) A person who fails to comply with an order of the Court made under subsection (2) without reasonable excuse, commits an offence.

(4) A person who in purported compliance with a notice issued by the Commission or an order of the Court

(a) provides information which the person knows to be false or misleading in a material respect, or

(b) recklessly provides information which is false or misleading in a material respect, commits an offence.

(5) A person who, for the purpose of obstructing or frustrating compliance with a notice issued by the Commission or compliance with an order of the Court destroys, mutilates, defaces, hides or removes a document commits an offence.

175. Enforcement

(1) The Commission may take enforcement action against an insurer or insurance intermediary where in the opinion of the Commission the insurer or insurance intermediary

(a) has contravened or is in contravention of this Act, the Regulations, the Code of Practice or the Market Conduct Rules,

(b) is carrying on business in a manner detrimental to the public interest or to the interest of any of its policyholders or creditors, customers or in the case of an insurance agent or the insurers on whose behalf the insurer or insurance intermediary acts,

(c) is or is likely to become insolvent,

(d) has failed to comply with a directive given to it by the Commission under section 181, in the case of an insurer or section 182 in the case of an insurance intermediary,

(e) is in breach of any condition of its licence,

(f) is not qualified to hold a licence, or

(g) has provided the Commission with false, inaccurate or misleading information, whether on making application for a licence or subsequent to the issue of the licence.

(2) The Commission may also take enforcement action where

(a) the insurer or insurance intermediary that is a company proposes to make or has made a composition or arrangement with its creditors is wound up, passes a resolution for winding up or is dissolved,

(b) a receiver and manager has been appointed in respect of the insurance business or insurance intermediary business carried on by the insurance or insurance intermediary or possession has been taken of any of its property by or on behalf of the holder of a debenture secured by registered charge,

(c) in the opinion of the Commission

i. a person who has a share or interest in the insurer or insurance intermediary, whether equitable or legal, or any director or principal officer of the insurer, is not a qualified person to have an interest in the management of the business of an insurance company or insurance intermediary, as the case may be,

ii. a part of the business of the insurer, is not being carried on in accordance with sound insurance principles,

iii. the insurer or any other person has refused or failed to co-operate with the Commission on an inspection conducted by the Commission,

iv. adequate arrangements have not been made, or will not be made, for the reinsurance of risks against which persons are insured by the insurer,

v. there has been a substantial departure from any business plan submitted to the Commission, or

(d) the Commission is entitled to take enforcement action under a provision in any other enactment.

(3) For the purposes of subsection (1) (c), an insurer is considered to be insolvent where the total value of its assets does not exceed the total amount of its liabilities by at least the minimum margin of solvency that it is required to maintain under section 71 (1).

(4) Where the Commission is entitled to take enforcement action under subsection (1) it may exercise one or more of the following powers:

(a) revoke or suspend the insurer’s or insurance intermediary’s licence under section 176,

(b) appoint an examiner to conduct an investigation under section 173,

(c) appoint a qualified person to advise the insurer or insurance intermediary on the proper conduct of its business, or

(d) issue a directive under sections 181 or 182.

176. Revocation or suspension of licence

(1) The Commission may at any time revoke or suspend the licence of an insurer or insurance intermediary where

(a) the Commission is entitled to take enforcement action against the insurer or insurance intermediary under section 175,

(b) the insurer or insurance intermediary fails to commence the business for which it was licensed within six months of the licence being issued or ceases to carry on the insurance business for which it was licensed, or

(c) the insurer or insurance intermediary fails to pay the renewal fee for the licence within two months of the date upon which it is due for payment.

(2) The Commission may revoke the licence of an insurer or insurance intermediary where it is requested to do so by the insurer or insurance intermediary.

(3) Subject to subsection (4), the period of suspension of a licence under subsection (1) shall not exceed thirty days.

(4) Where it is satisfied that it is in the public interest to do so, a Court may, on the application of the Commission, extend the period of suspension of a licence under this section for one or more further periods not exceeding thirty days each.

(5) Before suspending or revoking a licence under paragraph (a) or (b) of subsection (1), the Commission shall give written notice to the insurer or insurance intermediary stating

(a) the grounds upon which the Commission intends to revoke or suspend the licence, and

(b) that unless the insurer or insurance intermediary, by written notice filed with the Commission, shows good reason why its licence should not be revoked or suspended, as the case may be, on a date not later than fourteen days after the date of the notice.

(6) Where the Commission revokes or suspends a licence under this section, the Commission shall send a written notice to the insurer or insurance intermediary stating

(a) that the licence has been revoked or suspended, and

(b) the grounds upon which and the date from which the licence has been revoked or suspended.

(7) Where the Commission revokes or suspends a licence under this section, it shall cause notice of the revocation or suspension to be published in the Gazette and any newspaper of mass circulation that the Commission may determine.

177. Effect of revocation or suspension of licence

(1) Where the licence of an insurer or insurance intermediary is suspended or revoked, the insurer or insurance intermediary shall not after the date upon which an insurer or insurance intermediary receives notice of the suspension or revocation

(a) enter into a new contract of insurance, or

(b) renew or vary a contract of insurance entered into before the commencement date.

(2) Where the licence of an insurer or insurance intermediary is suspended or revoked, so long as the insurer or insurance intermediary remains under any liability in respect of any insurance policies, the insurer or insurance intermediary shall take such action as it considers necessary or as may be required by the Commission to ensure that reasonable provision has been or will be made for that liability and that adequate arrangements exist or will exist for payment of reasonable premiums and expenses on those policies.

(3) An insurer or insurance intermediary that contravenes subsection (2) commits an offence.

178. Representation to the Commission

(1) An applicant who receives a notice of suspension, revocation or refusal may make a representation to the Commission within twenty-one days from the date of receipt of the notice of suspension, revocation or refusal.

(2) Where a representation is not made under subsection (1), the Commission may uphold the revocation or refusal to renew the licence.

(3) The Commission shall within fourteen days of the receipt of a representation under subsection (1) take a decision on the representation and inform the applicant of its decision within seven days of the date of the decision.

179. Appeal to High Court

A person aggrieved by a decision of the Commission may within sixty days of notification of the decision appeal to the High Court.

180. Protection order

(1) Where a licence of either an insurer or insurance intermediary expires or is about to be revoked or suspended, the Commission may apply to the Court for a protection order.

(2) On an application made under subsection (1), the Court may make such order as it considers necessary to protect or preserve the business or property of the insurer or insurance intermediary, or the interests of its policyholders, creditors, customers or the public including

(a) an order preventing the insurer or insurance intermediary or any other person from transferring, disposing of or otherwise dealing with property in the insurer’s or insurance intermediary’s custody or control,

(b) an order appointing an administrator to take over and manage the business then carried on by the insurer or insurance intermediary immediately before the revocation or suspension of the licence, as the case may be,

(c) in the case of a company, an order that the insurer or insurance intermediary be wound up by the court subject to the supervision of the court under the Companies Code, or

(d) an order granting the Commission a search warrant.

(3) An order made under subsection (2) (b) may

(a) specify the powers of an administrator, which may include the powers of an insurer under this Act or of a liquidator under the Companies Code,

(b) require the administrator to provide security to the satisfaction of the Court,

(c) determine the remuneration of the administrator, or

(d) require a person it considers necessary to appear before the court for the purposes of giving information or producing records concerning the insurer or insurance intermediary or the business carried on by the insurer or insurance intermediary.

(4) An order made under subsection (2) (b) shall make provision for reports to be submitted by the administrator to the court and to the Commission.

(5) The court may on its own motion or on the application of the Commission or the administrator

(a) give directions to the administrator concerning the exercise of the administrator’s powers,

(b) vary the powers of the administrator, or

(c) terminate the appointment of the administrator,

(6) An application under subsection (1) may be made

(a) by one party or upon the notice that the Court may require, and

(b) before the Commission has given notice of intention to suspend or revoke a licence under section 176 in the case of either an insurer or insurance intermediary.

181. Directives to insurer

(1) Where the Commission is entitled to take enforcement action against a licensee, the Commission may issue a written directive to the insurer ordering the insurer

(a) to cease to engage in any class of insurance business,

(b) not to enter into any new contracts for any class of insurance business,

(c) not to vary any existing contracts of insurance,

(d) to limit to a specified amount the aggregate premiums to be received by the insurer, whether before or after the deduction of reinsurance premiums payable by the insurer for reinsuring the liabilities in respect of which premiums are to be received,

(e) to refrain from making investments of a specified class or description,

(f) to realise, before the date that may be specified in the directive, the whole or a specified portion of investments of a specified type or description held by the insurer,

(g) cause an actuary or the other person that may be specified by the Commission to undertake an investigation into its financial position in respect of its business or any part of its business and to submit a report of the investigation to the Commission,

(h) to provide any return or other document it is obliged to file under this Act within a shorter period of time than that permitted under this Act, and

(i) to take the other action that the Commission considers may be necessary to protect the assets of the insurer or to protect, policyholders or potential policyholders of the insurer.

(2) Unless the Commission otherwise directs

(a) an investigation under subsection (1) (g) shall comply with the requirements that may be prescribed for an investigation under section 61 (2), and

(b) the report of an investigation under subsection (1) (g) shall contain the information and be in a form that may be prescribed for a report prepared under section 61 (3), with the modifications that may be appropriate where the insurer carries on short term insurance business.

(3) An insurer that fails to comply with, or carries on business in contravention of, a directive issued by the Commission under this section commits an offence.

182. Directives to insurance intermediary

(1) Where the Commission is entitled to take enforcement action against an insurance intermediary, the Commission may issue a directive ordering that the insurance intermediary

(a) cease to act as an insurance intermediary,

(b) cease accepting particular types of business, or

(c) take other action that the Commission considers may be necessary to protect the interests of the insurance intermediary’s customers or, in the case of an insurance agent or sub-agent, the insurer on whose behalf the agent or sub-agent acts.

(2) An insurance intermediary that carries on business in contravention of a directive issued by the Commission under this section commits an offence.

Insurance of Commercial Building under Construction
183. Insurance of commercial building under construction

(1) A person shall not construct or cause to be constructed a commercial building without insuring with a registered insurer the liability in respect of construction risks caused by negligence or the negligence of servants, agents or consultants which may result in bodily injury or loss of life to or damage to property of any workman on the site or of any member of the public.

(2) A person who contravenes subsection (1) commits an offence.

184. Insurance of commercial buildings

(1) Every commercial building shall be insured with an insurer against the hazards of collapse, fire, earthquake, storm and flood, and an insurance policy issued for it.

(2) The insurance policy shall cover the legal liabilities of an owner or occupier of premises in respect of loss of or damage to property, bodily injury or death suffered by any user of the premises and third parties.

(3) For the purposes of this section, “commercial building” means a privately owned building to which members of the public have ingress and egress for the purpose of obtaining educational or medical service, engaging in a commercial activity for the purpose of recreation or transaction of business.

Establishment of a Fire Service Maintenance Fund
185. Establishment of Fire Service Maintenance Fund

There is hereby established a Fire Service Maintenance Fund in this Act referred to as the Fire Maintenance Fund.

186. Object of the Fire Maintenance Fund

The object of the Fire Maintenance Fund is to provide funds and equipment to state institutions assigned with fire fighting functions and such other organisations as the Commission may determine for the purpose of fighting fires.

187. Source of money for the Fund

The Commission shall in consultation with insurance associations prescribe in Regulations a percentage of the gross premium received by each direct insurer on policies issued in respect of commercial buildings under sections 183 (1) and 184 (1) to be paid into the Fire Maintenance Fund.

188. Management of the Fire Maintenance Fund

(1) The Fire Maintenance Fund shall be under the management of the Commission.

(2) The contributions shall be paid to the Commission.

(3) For the purposes of management of the Fire Maintenance Fund, the Commission shall open a bank account into which the contributions shall be paid.

189. Conditions for providing grants from the Fund

The Commission shall in consultation with representatives of licensed insurers and the Chief Fire Officer of the Ghana Fire Service provide conditions in writing for providing grants from the Fire Maintenance Fund.

190. Accounts, auditing and annual report

The provisions in sections 19 and 20 on keeping of accounts, auditing and annual report to Parliament shall apply to the Fire Maintenance Fund.

191. Penalty for non-compliance by an insurer

Where an insurer fails or refuses to pay towards the Fire Maintenance Fund, the Commission shall take action as the Commission considers appropriate including revocation of the insurance licence.

Establishment of a Motor Compensation Fund
192. Establishment of the Motor Compensation Fund

There is hereby established a Motor Compensation Fund.

193. Object of the Compensation Fund

The Fund is to be used to

(a) compensate persons who suffer injury or death through a motor accident and who are unable to obtain compensation from an insurance company, and

(b) promote public education on motor insurance in particular and insurance business in general.

194. Source of money for the Fund

The Commission shall in consultation with the insurers associations, allocate a percentage of the motor contributions received by the Commission on every sticker issued by a motor underwriting company to an insured, into the Fund.

195. Management of the Fund

(1) The Fund shall be managed by the Commission.

(2) For purposes of management of the Fund, the Commission shall open a bank account into which the contributions shall be paid.

(3) The Commission shall set up a committee comprising of representatives of motor underwriting companies to assist with the making of awards under the Fund.

196. Conditions for providing grants from the Fund

The Commission in consultation with the insurers associations shall establish in writing the conditions for providing grants from the Fund.

Miscellaneous Provisions
197. Establishment of a Client Rescue Fund

(1) There is established by this Act a Client Rescue Fund.

(2) The Fund is to be used to compensate clients of insurance companies that become bankrupt.

(3) The Commission shall by Regulations allocate a percentage of the gross premium received by each direct insurer to be paid into the Fund.

(4) The Fund shall be managed by the Commission.

(5) The Commission shall open a bank account for purposes of managing the Fund into which the contributions shall be paid.

(6) The Commission shall establish a committee to assist with the making of awards under the Fund.

198. Emergency treatment for road traffic accident victims

A percentage of the emergency motor insurance premium to be jointly agreed by the Commission, motor insurer and the National Health Insurance Council shall be paid to the National Health Insurance Fund by motor insurers to cover the cost of emergency treatment of road accident victims.

199. Registers

(1) The Commission shall maintain

(a) a Register of Insurance Companies,

(b) a Register of Insurance Intermediaries, and

(c) other registers that may be appropriate, in which shall be recorded the information that the Board may determine.

(2) The registers and the information contained in any document filed with the Commission may be kept in any form the Commission considers appropriate including, either wholly or partly, by means of a device or facility

(a) that records or stores information in magnetic or electronic form, and

(b) that permits the information to be inspected and reproduced in legible and useable form.

200. Inspection of registers and information held by Commission

(1) Subject to subsection (2), a person may, on payment of the prescribed fee during normal business hours

(a) inspect the registers and any records kept by the Commission that are designated as public records, and

(b) request to be furnished by the Commission with a copy or certified copy of, or extract from, any document that the person would be entitled to inspect under paragraph (a).

(2) In respect of documents filed or kept in electronic form, the rights granted under subsection (1) extend only to reproductions of those documents in useable written form produced in the manner that the Commission considers appropriate.

(3) A copy or reproduction of, or extract from any document or record that is kept by the Commission and certified by it is admissible in evidence in legal proceedings to the same extent as the original document.

201. Electronic filing of documents

(1) Regulations may provide for a system enabling documents required or permitted to be filed with the Commission under this Act, or Regulations to be filed in electronic form.

(2) A system for the filing of documents in electronic form shall provide for

(a) the criteria for authorising persons to file documents in electronic form, and

(b) the security and authentication of the documents filed.

202. Regulations

(1) The Minister may on the recommendation of the Commission by legislative instrument make Regulations for the effective implementation of the provisions of this Act.

(2) Without limiting the scope of subsection (1) Regulations may be made prescribing:

(a) the valuation and admissibility of assets and the valuation of liabilities;

(b) persons qualified to act as an auditor or an actuary of an insurer;

(c) the segregation, control, allocation and application of the funds of an insurer;

(d) requirements for the receipt and holding of insurance premiums by insurance intermediaries and the manner in which they must be dealt with;

(e) the form and contents of accounts, including group accounts, which may be specified by reference to Generally Accepted Accounting Practice;

(f) procedures for the arbitration of such insurance claims as may be submitted to the Commission;

(g) arrangements, schemes or procedures for the provision of security by offshore insurers which, without limiting this paragraph, may include provision for the making of deposits by offshore insurers and the establishment of a scheme for the provision of letters of credit by offshore insurers;

(h) the factors to be taken into account by the Commission in considering whether to approve the reinsurance arrangements of a licensed insurer;

(i) obligations of offshore insurers opening, maintaining or carrying on business through a branch, representative or contact office;

(j) rules and procedures for the liquidation and judicial management of insurers and for the liquidation of insurance intermediaries which may modify or exclude the provisions of Act 180 in relation to insurers and insurance intermediaries;

(k) actuarial standards and valuations and the duties of an actuary;

(l) the consideration that may be offered or provided directly or indirectly to an insurance intermediary from or by

i. a licensed insurer, or

ii. any other person, including circumstances in which commission may not be paid by an insurer to an insurance intermediary;

(m) records to be maintained by insurer and insurance intermediaries;

(n) the investment of assets by insurers, which may specify permitted and non-permitted investments;

(o) the duties of an auditor;

(p) the application and treatment of deposits made by insurers and insurance intermediaries under this Act;

(q) the run-off of the insurance business of an insurer that, for whatever reason, ceases to carry on business;

(r) the margin of solvency to be maintained by an insurer in respect of particular funds;

(s) motor contributions to be paid into the Motor Compensation Fund; and

(t) compensation in respect of injury and deceased claims arising out of a motor accident.

203. Code of Practice

The Commission shall within six months after the commencement of this Act issue a Code of Practice which sets out procedures to be followed by and the conduct of an insurer and an insurance intermediary.

204. Market Conduct Rules

The Commission shall issue Market Conduct Rules within six months after the Commencement of this Act.

205. Penalties for contraventions and offences

A person who contravenes a provision of this Act or commits an offence under a section specified in column 1 of the First Schedule is liable on summary conviction or by way of a percuniary penalty

(a) where an individual, to the penalty stated in relation to the offence in column 4 of the First Schedule, or

(b) where a body corporate, to the penalty stated in relation to the contravention or offence in column 3 of the First Schedule, and in either case to the daily default fine stated in relation to the contravention or offence in column 5 of the First Schedule for each day during which the default continues.

206. Offences by bodies of persons

(1) Where an offence is committed under this Act by a body of persons,

(a) in the case of a body corporate, other than a partnership, each director or officer of that body shall be considered to have contravened that provision or committed that offence, or

(b) in the case of a partnership, each partner or officer of that body shall be considered to have contravened that provision or committed that offence, and is liable on summary conviction to the penalty set out in relation to the contravention or offence in column 4 of the First Schedule and to the daily default fine set out for the contravention or offence in column 5 of the First Schedule for each day during which the default continues.

(2) A person shall not be convicted of an offence by virtue of subsection (1) if that person proves that the offence was committed without the knowledge or connivance of that person and that person exercised due care and diligence to prevent the contravention or the commission of the offence having regard to the circumstances.

207. General penalty

A person who contravenes a provision of this Act for which a penalty is not provided is liable on summary conviction to a fine not exceeding one thousand penalty units.

208. Order to comply

Where a person is convicted of an offence under this Act or the Regulations, the Court having jurisdiction to try the offence may, in addition to any punishment it may impose, order that person to comply with the provision of this Act or the Regulations for the contravention of which that person has been convicted.

209. General indemnity

Neither the Commission nor a Board member, employee or agent of the Commission is liable for anything done or omitted to be done in the discharge or purported discharge of a duty, the exercise of a power or the performance of a function under this Act or any other enactment that assigns function to the Commission unless it is shown that the act or Commission was in bad faith.

210. Insurance agents to be agents of insurers

(1) Despite anything to the contrary contained in a contract of insurance, an insurance agent or sub-agent who completes an insurance from or a similar document on behalf of a person is deemed to be the agent of the insurer and not the agent of the person on whose behalf the agent completes the proposal form.

(2) Knowledge acquired by an insurance agent or a sub-agent in the course of completing an insurance proposal or a similar document under subsection (1), is deemed to be knowledge acquired by the insurer.

(3) Nothing contained in a contract of insurance shall absolve the insurer from liability in respect of knowledge obtained by the insurance agent or sub-agent under subsection (2).

211. Interpretation

In this Act, unless the context otherwise requires

“accounting records” includes books, vouchers, invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up and other documents as may be prescribed;

“actuary” means a person qualified under this Act to act as an actuary;

“associated person” means a person associated with a body corporate such that the person:

(a) has a significant interest in the body corporate,

(b) is a subsidiary of the body corporate,

(c) is a holding company of the body corporate, or

(d) is another body corporate having a person associated with it who is also associated with the first body corporate;

“Board” means the Board of the Commission provided for under section 3;

“capital” means

(a) in the case of a body corporate with share capital, its fully paid-up share capital, and

(b) in the case of a mutual company, its uncommitted reserves;

“Code of Practice” means the Code of Practice as issued by the Commission under section 196 of this Act;

“Commission” means the National Insurance Commission established under section 1 of this Act;

“Commissioner” means the chief executive of the National Insurance Commission appointed under section 12 (1);

“Companies Code” means the Companies Code, 1963 (Act 179);

“Court” means a court of competent jurisdiction;

“document” includes

(a) any writing or printing on any material,

(b) any record of information or data, however compiled, and whether stored in paper, electronic, magnetic or any non-paper based form and any storage medium, including discs and tapes,

(c) books and drawings, and

(d) a photograph, film, tape, negative or other medium in which one or more visual images are embodied and are capable with or without the aid of equipment of being reproduced, any application to or order of a court or tribunal and other legal process and notice;

“electronic form” means a computer processable message format that is capable of being transmitted electronically;

“fit and proper person” means a person with appropriate integrity, competency, experience and qualification determined by the Commission;

“foreign regulatory body” means an authority in a jurisdiction outside the country which performs functions corresponding or similar to those performed by the Commission.

“insurance agent” includes a person appointed and authorised by an insurer to solicit applications for insurance or negotiate for insurance business on behalf of the insurer and to perform the other functions that may be assigned to the agent by the insurer but does not include an individual who is a salaried employee of the insurer;

“insurance broker” means a person who acts as an independent contractor or consultant who for commission or other compensation and, not being an agent of the insurer, carries out any of the following activities;

(a) the soliciting or negotiating of insurance business, including the renewal and continuance of such business, on behalf of an insurer or a prospective insured other than himself,

(b) the bringing together, either directly or through the agency of a third party, with a view to the insurance of risks, of persons seeking insurance and insurers, and carries out work preparatory to the conclusion of contracts of insurance;

“insurance business” means the business of undertaking liability to indemnify a person in respect of loss or damage, and the liability to pay damages or compensation contingent upon the happening of a specified event and any business incidental to insurance business and reinsurance business;

“insurance intermediary” means an insurance broker, an insurance agent, an insurance sub-agent and an insurance loss adjuster;

“insurance loss adjuster” includes a person who, for commission or other compensation, including a salary, investigates and negotiates the settlement of claims under insurance contracts solely on behalf of either the insurer or the insured but does not include

(a) an individual who is an employee of an insurer or an insurance agent while acting on behalf of the insurer or insurance agent, or

(b) an insurance agent who is authorised to settle claims on behalf of the insurer for whom the insurance agent acts as agent;

“insurance sub-agent” includes a person appointed by an insurance agent or another insurance sub-agent to solicit applications for insurance or negotiate for insurance business through the insurance agent or sub-agent who appointed that person but does not include an individual who is a salaried employee of the insurance agent or sub-agent;

“insurer” includes a person licenced under this Act to carry on insurance business and an association of underwriters, but does not include an insurance intermediary;

“licensee” means a person issued a licence under this Act;

“long term business” means insurance business prescribed in Regulations as long term business;

“long term insurer” means an insurer authorised by its licence to carry on class of long term business;

“Market Conduct Rules” means the Market Conduct Rules, issued by the Commission under section 197;

“Minister” means the Minister responsible for Finance;

“mutual company” means a company whose capital is owned by the policyholders of the company;

“notice” means notice in writing;

“offshore insurer” means an insurer incorporated, constituted or formed or having its main place of business outside the country;

“public interest” includes a right or advantage which enures or is intended to enure to the general benefit of the people of this country and the interest of policy holders;

“recognised representative body” means an association or body recognised in the Regulations as representing insurers or insurance intermediaries, or a category of insurers or insurance intermediaries;

“register” means a register required to be maintained by the Commission under section 192;

“Regulations” means Regulations made under this Act;

“reinsurer” means a person whose licence is restricted to reinsurance business;

“reinsurance business” means the business of insuring insurers;

“short term insurance business” means insurance business prescribed in Regulations as short term business;

“significant interest”, in respect of a company, means a holding or interest in the company or in any holding company of the company held or owned by a person, either alone or with any other person and whether legally or equitably, that entitles or enables the person, directly or indirectly

(a) to control ten per cent or more of the voting rights of that company at a general meeting of the company,

(b) to a share of ten percent or more in dividends declared and paid by the licensee, or

(c) to a share of ten percent or more in any distribution of the surplus assets of the company; and

“subsidiary company” has the meaning provided in the Companies Code;

“unlicensed insurance business” means insurance business carried on by an insurer in the country who does not have a licence authorising it to carry on that kind of insurance business and who has not been suspended.

212. Transitional provisions

(1) The rights, assets, liabilities of and property vested in the Commission established under the Insurance Law, 1989 (P.N.D.C.L. 227) immediately before the commencement of this Act and the persons employed by the Commission are transferred to the Commission established under this Act, and accordingly proceedings taken by or against the former Commission may be continued by or against the Commission.

(2) A contract subsisting between the Commission established under the Insurance Law, 1989 (P.N.D.C.L. 227) as amended and any other person and in force immediately before the commencement of this Act shall subsist between the Commission established under this Act and that other person.

(3) Pursuant to section 26 which restricts the licensing of composite insurance companies after the commencement of this Act, existing composite companies shall separate their business into long-term and short-term companies within twelve months after the commencement of this Act.

(4) Insurers and insurance intermediaries shall bring their minimum capital levels up to the levels stated in the Second Schedule, within a period of twelve months after the commencement of this Act.

213. Repeal and savings

(1) The following are repealed by this Act

(a) the Insurance Law, 1989 (P.N.D.C.L. 227);

(b) the Insurance (Amendment) Law 1991 (P.N.D.C.L. 260);

(c) the Insurance (Amendment) Law 1993 (P.N.D.C.L. 316).

(2) The Ghana Reinsurance Organisation Law 1984 (P.N.D.C.L. 79) and the Ghana Reinsurance Organisation (Amendment) Law 1987 (P.N.D.C.L. 169) are hereby repealed.

(3) Despite the repeal of the enactments specified in subsection (1), Regulations, bye-laws, notices, orders, directions, appointments or other acts lawfully made or done under the repealed enactments and in force immediately before the commencement of this Act shall subject to modifications made to them by this Act be considered to have been made or done under this Act and shall until reviewed, cancelled, withdrawn or terminated continue to have effect.

(4) Despite the repeal of the Ghana Reinsurance Organisation Law, 1984 (P.N.D.C.L. 79) and the Ghana Reinsurance Organisation (Amendment) Law, 1987 (P.N.D.C.L. 169) the Ghana Reinsurance Company Ltd. shall continue to enjoy the compulsory reinsurance cessing provided for under section 5 of P.N.D.C.L. 78 for a transitional period of two years after the commencement of this Act, after which two year period the compulsory reinsurance cessing shall cease.

214. Consequential amendment

(1) Section 45 of the National Health Insurance Act 2003 (Act 650) is hereby repealed.

(2) Sections 22, 23, 44, 49, 50, 52, 71, 72, 75, 77, 78, 91 to 113 and 193 of this Act apply to private commercial health insurance schemes under the National Health Insurance Act 2003 (Act 650).

(3) For purposes of the National Health Insurance Act 2003 (Act 650),

(a) an insurer shall at all times in respect of the insurance transacted by it in the country invest and hold assets equivalent to not less than the amount of the funds in the insurance business as shown in its balance sheet;

(b) the investment of insurance funds referred to in paragraph (a) shall in respect of a non-life insurance fund be made up of

i. twenty-five per cent in Government securities, and

ii. seventy-five per cent in other investments approved by the Commission;

(c) a party to a contract of insurance shall not be obliged to disclose a fact about which a question is not asked by the insurer or the insurer’s agent;

(d) a party to a contract of insurance may despite paragraph (c), rescind the contract where the other party, with the intent to avoid the rejection of the risk by the insurer or the payment of a higher premium, conceals from, or fails to disclose to the party to the contract, a fact which that other party knows or believes or has reasons to believe to be material to the contract;

(e) a fact is to be considered as material if in the circumstances it would be considered material by a reasonable person;

(f) a defence to a claim shall not be maintained by reason of a misstatement of fact by the insured, where the

i. insured can prove that the statement was true to the best of the insured’s knowledge or belief, or

ii. fact misstated is not material to the risk, subject to paragraphs (a) and (b) and despite anything contained in the contract of insurance;

(g) a person holding five per cent or more of the proprietary interests in an insurance company shall not serve as a management personnel or a principal officer of an insurance intermediary firm registered under the Act; and

(h) a person holding five per cent or more of the proprietary interest of an insurance company shall own more than fifty per cent of the equity share of an insurance brokerage or intermediary firm registered under the Act.

SCHEDULES
FIRST SCHEDULE

[Sections 205 and 206]

Offences and Penalties

COLUMN1 COLUMN2 COLUMN3 COLUMN4 COLUMN5
Section of Act creating offence or contravention General nature of offence or contravention Fine (in penalty units) corporate body) Fine (in penalty units) (individual)

 

Daily default fine (in penalty units)

 

27 (2) Insurer

 

failing to submit its licence to Commission 250

 

250

 

25

 

36 (3)

 

Person carrying on or purporting to carry on insurance business without a licence 2500

 

2500, five years imprisonment or to both

 

100

 

37 (2)

 

Person entering into a contract of insurance with an offshore insurer without the authorisation of the Commission. 250

 

250

 

 
39 Offshore insurer opening, maintaining or carrying on business through a representative, branch or contact office in Ghana without the prior written approval of the Commission. 500

 

500, two

years

imprisonment

or to both

 

 

25

 

41 Offshore insurer opening, maintaining or carrying on

business through a representative, branch or contact office contrary to conditions imposed by the Commission.

500 500, two years imprisonment or to both  
45 (2) Long term insurer issuing a new form of insurance policy without the prior written approval of the Commission.

 

250 250  
46 (3) Insurer failing to notify

Commission of change of address of its head office or registered office within fourteen days of the change.

100 100 25
47 (2) Insurer opening, maintaining or carrying on business through a representative, branch or contact office outside Ghana without the prior written approval of the Commission.

 

500 500, two years imprisonment or to both

 

 
48 (7) Person selling, transferring,

charging or otherwise

disposing of a significant interest in a licensee, or any part, without the prior written approval of the Commission.

250 250  
48 (7) Person acquiring a significant interest in insurer without the prior written approval of the Commission. 250 250  
49 (4) Insurer appointing a director or principal officer without the prior written approval of the Commission. 250 250 25
50 (2) Insurer failing to provide written notice to Commission of termination of appointment of a director or principal officer within 14 days. 100 100  
51 (2)

 

 

Insurer publishing or issuing a document in which is printed a statement of its authorised capital or its subscribed capital in contravention of section 4 (1). 250 250  
52 (2) Insurer paying commission to unlicensed insurance intermediary. 250 250  
53 (3)

 

 

Insurer failing to have reinsurance arrangements

approved by the Commission in accordance with the Regulations.

500 500 25

 

54

 

 

Insurer failing to file statement setting out details of its reinsurance arrangements as required by section 55 (1). 250 250

 

 
55 (3) Insurer entering into contract of reinsurance, as the reinsurer, with a person other than another insurer. 250 250 25
56 (5) Long term insurer failing to appoint and have an actuary whose appointment has been approved by the Commission in writing. 250 250  
59 (7) Actuary or former actuary failing to comply with obligations of section 59 (1), (2), (3) or (4).   250

 

 
69 (5) Insurer causing or permitting its capital to fall below the amount that it is required to maintain under section 69 (1). 500 500 25

 

69 (5) Insurer failing to notify Commission that its capital has fallen below the amount that it is required to maintain under section 69 (1). 250 250

 

 
70 (4) Insurer issuing a share on or after the commencement date not fully paid for in cash. 250 250 25

 

71 (5) Insurer failing to notify

Commission that its solvency margin has fallen below the amount that it is required to maintain under section 71 (1).

250 250 25

 

72 (3) Insurer failing to notify

Commission that its reserves have fallen below the amount that it is required to

maintain under section 72 (1).

250 250 250
73 (4) Insurer not complying with a directive issued by the Commission under section 72 (4). 250 250

 

 
75 (2) Insurer or reinsurer failing to

make deposit in accordance with notice issued under section 73 (1)

250 500, two years

imprisonment

or to both

 
76 (4) Insurer making distribution to shareholder in contravention of section 75 (1). 500 500, two Years imprisonment or to both  
77 (5) Insurer undertakes a transaction prohibited by section 76 (1). 500 250

 

 
78 (4) Insurer issuing a policy of insurance at a rate of premium lower than that specified in a notice issued under 77 (1). 250 500

 

 
78 (4) Insurer failing to keep or maintain accounting records in accordance with section 78 (1). 500 100 25

 

80 (4) Insurer failing to notify Commission of place in the

Republic where its accounting records are kept.

100 500 25
80 (4) Insurer failing to prepare accounts and statements required by section 80 (1). 500 250  
81 (4) Insurer failing to lodge accounts and statements and accompanying documents with Commission in accordance with section 80 (2). 250 250 25

 

85 (6) Insurer contravening

section 81 (Lodgement of quarterly accounts and returns).

250 100 25

 

85(7) Insurer failing to submit notice of appointment of auditor to Commission in accordance with section 85 (6). 100 500 25

 

87 (6) Insurer failing to appoint an auditor in accordance with section 85 (1). 500 250 25

 

93 (5) Auditor or former auditor

Contravening section 87 (1) or (2).

250 25

 

 
118 (2) Liquidator failing to advertise his appointment in accordance with a directive of the Commission issued under section 93 (4). 250 250 25

 

127 (3) Insurance Intermediary failing to submit

its licence to the Commission in accordance with section 118 (1).

2500 2500, three years imprisonment or to both 25
130 Person carrying on or purporting to carry on business as an insurance intermediary without a licence in the appropriate category. 250 500, three years Imprisonment or both  
131 (3) Offshore insurance intermediary that contravenes section 127. 250 250

 

 
131 (3) Insurance intermediary failing to ensure that its capital does not fall below the amount that it is required to maintain under section 131 (1). 500 250 25

 

137 (4) Insurance intermediary failing to notify Commission that its capital has fallen below the amount that it is required to maintain under section 131 (2). 100 500

 

 
137 (4) Insurance Intermediary failing to keep or maintain accounting records in accordance with section 137. 500 100 25

 

139 (4) Insurance intermediary

failing to notify Commission of place in the Republic where its accounting records are kept.

250 500 25

 

139 (4) Insurance intermediary failing to prepare accounts and statements required by section 139 (1). 500 250 25
141 (6) Insurance intermediary

failing to lodge accounts and

statements and accompanying documents with Commission in accordance with section 139 (2).

250 250 25

 

143 (7) Insurance intermediary

Contravening section 141

(Lodgement of quarterly accounts and returns).

100 250 25

 

143 (7) Insurance intermediary failing to appoint an auditor in accordance with section 143 (1).   100

 

 
145 (6) Insurance intermediary failing to submit notice of appointment of auditor to Commission in accordance with section 143 (6).   500, two years imprisonment or both

 

25

 

149 (4) Auditor contravening section 145 (1) or (2).

 

2500 100 25

 

152 (3) Liquidator failing to advertise appointment in

accordance with a directive of the Commission issued under section 149 (3).

500 2500, five years

Imprisonment or both

 
152 (4) Insurer or insurance intermediary issuing or causing or permitting to be

issued an advertisement, statement, brochure or other similar document intending it to mislead or

knowing that it contains an incorrect statement of fact.

250 500, two years Imprisonment or to both

 

 
153 (2) Insurer or insurance Intermediary issuing or causing or permitting to be issued an advertisement, statement, brochure or other similar document contrary to a directive or authorisation of the Commission under section 152 (2). 250 250 25

 

154 (2) Insurer or insurance Intermediary failing to change the name under which business is carried within seven days of the date of receipt of a written notice

under section 153 (1).

 

250

 

250 25
155 (2) Insurer or insurance intermediary contravening

section 154 (1) (change of name).

 

2500 250  
155 (3) Insurer or insurance intermediary failing to report

any information or furnish any returns or documentation in contravention of section 155 (1).

500 2500, five years

Imprisonment or to both

 

 
159 (4) Person making or assisting in making false or misleading representation, statement, report or return. 250 500, two years

Imprisonment or to both

 
160 (2) Person contravening section 159 (1) (Restrictions on disclosure of information). 250 250

 

 
162 (2) Insurer or insurance intermediary failing to prominently display a copy of licence at every premises where licensed business is carried on. 500 250 25

 

164 (2) Person contravening section 162 (1) (applications to Commission). 500 500, two years imprisonment or to both  
166 (4) Person contravening

section 164 (Restriction on use of certain terms).

500 500, two

Years imprisonment or to both

 
166 (5) Person contravening section 166 (1) (duties in relation to inspection). 500 500, two Years imprisonment or both  
169 (4) Director, officer or manager having received a notice under section 166 (3) failing or refusing to provide Commission with the information and explanation that it requires. 2500 500, two years

Imprisonment or to both

 

 
175 (3) Relevant person failing to provide a response to the

Commission in respect of a report issued under section 169.

2500 2500, five years

Imprisonment or to both

 

100

 

174 (4) (a)  Person failing,

without reasonable

excuse, to comply

with an order of

the Court made

under section 174 (2).

2500, five years

Imprisonment or both

 

2500, five

years

imprisonment

or to both

 
174 (4) (b) Person providing information, in purported compliance with an order under section 174 (3) which he or she knows to be false or misleading in a material respect. 2500 2500, five years

Imprisonment or to both

 
175 (5) Person recklessly providing

information in purported

compliance with an order under section 174 (4)

information which is false or misleading in a material respect.

2500 2500, two years

Imprisonment or to both

 

25

 

177 (3) Person, for the purpose of obstructing or frustrating

compliance with a notice issued by the Commission

under section 160 or compliance with an order of

the Court under section 174 (2) destroying, mutilating, defacing, hiding or removing a document.

500 500, two years

Imprisonment or to both

 

25

 

181 (3) Insurer/insurance Intermediary undertaking

Transaction specified in

section 177 (2) when its licence is suspended or revoked.

500 500, two years

Imprisonment or to both.

 

 
182 (2) Insurer failing to comply with, or carrying on

business in contravention of, a directive issued by the Commission under section 181.

500    
SECOND SCHEDULE

[Section 69]

Minimum Capital Requirements

1. Maintenance of capital by an insurer

Pursuant to section 69, the capital required to be maintained by an insurer after the commencement of this Act shall be, in the case of

(a) a company limited by shares that is a direct insurer, the Cedi equivalent of one million dollars irrespective of whether the company is into long-term or short-term business,

(b) a company limited by shares that is a reinsurer, the cedi equivalent of two million five hundred thousand dollars, and

(c) a mutual company, an amount equal to the value of its liabilities plus fifteen percent of its assets.

2. Maintenance of capital by an insurance intermediary

Pursuant to section 131, the capital requirement to be maintained by a company holding an insurance intermediary’s licence after the commencement of this Act shall be, in the case of

(a) an insurance broker, the cedi equivalent of twenty-five thousand dollars, and

(b) an insurance loss adjuster, the Cedi equivalent of twenty-five thousand dollars.

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