The Insurance Act, 2006 (Act 724) which has been used to regulate the insurance industry for the past 15 years was repealed by the Insurance Act, 2021, (Act 1061).

According to the Chief Justice, critically studying the new Act would ensure Judges of various courts to properly apply and resolve cases related to insurance under the Insurance Act 2021 (Act 1061)

In a speech read on his behalf on Wednesday at the opening ceremony of the Nationwide Insurance Workshop for High Court Judges by the National Insurance Commission (NIC), by Justice Dennis Adjei, an Appeal Court Judge and Acting Director of the Judicial Training Institute, the C.J. emphasised the importance of understanding the new changes captured in the new Insurance Act.

The workshop is targeted at judges of the High Court, Appeal Court, and Supreme Court of Ghana to educate them on the new insurance Act.

He said the new insurance law covered both statutory regime and common law in addition to new charges introduced by the Act.

“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 stated.

 “We as judges must understand what the Act seeks to address and apply the Act to promote the interests of stakeholders in the insurance industry, particularly the citizenry,” he added.

He explained the Insurance Act, 2021 (Act 1061) comprised 261 sections which covers different aspects of insurance.

Justice Anin-Yeboah, said the new law covered issues such as solvency and capital requirements, transfers and mergers, licensing, statutory deposits, mediation of complaints, whistle blowing, financial provisions, among others.

Justice Annin-Yeboah NIC to ensure the workshop and sensitisation exercise on the new Insurance Act was extended to magistrates, circuit and district court judges across the country.

The Commissioner of Insurance, Dr Justice Ofori, said the objective of the training was to expose High Court judges to the new insurance law to enable them to rule on them effective in case of a dispute in the application of the law.

“The decision to organise a nation-wide workshop on insurance for Judges is critical.  As our partners and key stakeholders, the workshop will empower our Lords and Ladies to effectively and confidently execute their crucial role in the arbitration of insurance-related cases that come before them,” he said.

Dr Ofori expressed that hope that the commencement of the workshop would enhance justice delivery and boost the general understanding of the public on insurance.

He said the NIC would begin engagements with the Judicial Training Institute to incorporate Alternative Dispute Resolution (ADR) into the College’s training modules.

“This is to inculcate good negotiation and other ADR skills in insurance practitioners themselves in order not to impede amicable settlement of insurance cases, thus reducing insurance-related litigations,” Dr Ofori said.