Expand your knowledge, understanding of new Insurance Act – CJ tells Judges
“As judges, we are mandated to resolve all disputes and legalities that may come before us under the Act and we should be able to resolve them in accordance and purpose for which the Act was enacted,”
The Chief Justice, His Lordship Kwasi Anin Yeboah has tasked judges to be abreast with and expand their knowledge of the new Insurance Act, 2021(Act 1061).
This has become necessary per the repeal of the Insurance Act, of 2006 (Act 724) which regulated the Industry for over fifteen years.
In a speech read on his behalf by a Ghanaian judge currently with the African Court of Human and People’s Rights, Justice Sir Dennis Adjei, at the Opening ceremony of a Nationwide Insurance Workshop for High Court Justices organized by the NIC, he noted that judges will by this resolve easily and properly, cases that will come before them under the new Act.
He added that the new Act covers both statutory regime and common law in addition to the new charges introduced.
Touching on the composition of the new Act, Justice Adjei mentioned that there are 261 sections encompassing different aspects of Insurance.
Expanding on the above, he indicated that it includes solvency and capital requirements, transfers and mergers, licensing, statutory deposits, mediation of complaints, whistle-blowing, financial provisions, and others.
Justice Adjei however had a suggestion to make to the National Insurance Commission which was for the sensitization workshop on the new Act to be extended to magistrates, Circuit, and District Court Judges also.
The Workshop is currently targeting Justices of the Superior Courts thus the High Court, Court of Appeal, and the Supreme Court.
