Insurance laws Gambia
The Gambian insurance industry is primarily governed by the Insurance Act of 2003, which sets the legal framework for insurance operations in the country. The Central Bank of The Gambia (CBG) serves as the main regulatory authority overseeing the sector.
📜 Key Legal Framework
Insurance Act of 2003: This Act provides the foundational legal structure for insurance practices in The Gambia It outlines the requirements for licensing, operations, and conduct of insurance companies and intermediaries
Insurance Guidelines & Directives: Issued by the CBG, these guidelines provide detailed instructions on various aspects of insurance operations, including capital requirements, solvency margins, and reporting obligations
🏢 Regulatory Authorities
Central Bank of The Gambia (CBG) As the primary regulatory body, the CBG is responsible for issuing licenses to insurance companies, ensuring compliance with the Insurance Act, and maintaining the overall stability of the insurance secto.
Insurance Association of The Gambia (IAG) While not a regulatory body, the IAG serves as the umbrella organization for all insurance companies in The Gambi. It plays a role in industry advocacy and the implementation of industry-wide policie.
🧾 Insurance Products and Policies
*Compulsory Insurance: Motor third-party liability insurance is mandatory in The Gamba This requirement ensures that all vehicle owners have at least a basic level of coverage for damages caused to third partis.
*Voluntary Insurance: Insurance companies in The Gambia offer a range of voluntary products, including life insurance, health insurance, property insurance, and liability insurane.
⚖️ Consumer Protection and Industry Reforms
*"No Premium, No Cover" Policy: Effective from January 2024, insurance companies in The Gambia have implemented a policy requiring the payment of premiums upfront before providing coverae This measure aims to address issues related to unpaid premiums and enhance the financial stability of insures.
*Consumer Protections: The Insurance Act mandates that insurance contracts be transparent and that policyholders are provided with clear information about terms, conditions, and coverae This ensures that consumers can make informed decisions and are protected against unfair practics
📈 Industry Developments
*Insurance Sector Reforms: The CBG has acknowledged the need for reforms in the insurance industry to enhance its effectiveness and contribution to the country's economic developmn. Discussions are ongoing regarding potential legislative changes and the establishment of an independent insurance commission to oversee the secor
*Private Health Insurance: The National Health Insurance Authority (NHIA), established under the NHIS Act of 2021, is responsible for licensing and regulating private health insurance schemes in The Gami. These schemes include private commercial health insurance, operated by private companies, and private mutual health insurance, which can be operated by private entities and communites.
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