Chief Justice of the Supreme Court, His Lordship Justice Kwasi Anin-Yeboah, has charged judges in the country to expand their knowledge and understanding of the new Insurance Act, 2021 (Act 1061).
His calls comes after the repeal of the Insurance Act, 2006 (Act 724) which occupied the insurance industry for about 15 years.
He said critically studying the new Act would empower Judges of various courts to properly apply and resolve cases related to insurance.
The Chief Justice made this call in a speech that was read on his behalf by an Appeal Court Judge and Acting Director of the Judicial Training Institute, His Lordship Justice Dennis Adjei at the opening ceremony of the Nationwide Insurance Workshop for High Court Judges.
The workshop was organised by the National Insurance Commission (NIC).
Highlighting the importance of having a better understanding the new changes captured in the new Insurance Act, he said the new law covered both statutory regime and common law in addition to new charges.
“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.
“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 stated.
He explained the Insurance Act, 2021 (Act 1061) comprises 261 sections which covers different aspects of insurance.
These, according to him include solvency and capital requirements, transfers and mergers, licensing, statutory deposits, mediation of complaints, whistle blowing, financial provisions, among others.
Justice Anin-Yeboah further called on the insurance regulator; 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.
Alternative Dispute Resolution (ADR)
For his part, the Commissioner of Insurance, Dr Justice Ofori, said the Ghana Insurance College (GIC) would soon begin engagements with the Judicial Training Institute to incorporate Alternative Dispute Resolution (ADR) into the College’s training modules.
He said this was to inculcate good negotiation and other ADR skills in insurance practitioners themselves in order not to impede amicable settlement of insurance cases.
This, he said would help reduce insurance-related litigations.