Chief Justice of the Supreme Court, His Lordship Justice Kwasi Anin-Yeboah, has charged judges within the nation 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 business for about 15 years.
He mentioned critically finding out the new Act would empower Judges of assorted courts to correctly apply and resolve instances associated to insurance.
The Chief Justice made this name in a speech that was learn on his behalf by an Appeal Court Judge and Acting Director of the Judicial Training Institute, His Lordship Justice Dennis Adjei on the opening ceremony of the Nationwide Insurance Workshop for High Court Judges.
The workshop was organised by the National Insurance Commission (NIC).
Highlighting the significance of getting a greater understanding the new adjustments captured within the new Insurance Act, he mentioned the new legislation coated each statutory regime and customary legislation as well as to new fees.
“As judges, we’re mandated to resolve all disputes and legalities which will come earlier than us below the Act and we should always have the opportunity to resolve them in accordance and goal 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 acknowledged.
He defined the Insurance Act, 2021 (Act 1061) contains 261 sections which covers completely different features of insurance.
These, in accordance to him embrace solvency and capital necessities, transfers and mergers, licensing, statutory deposits, mediation of complaints, whistle blowing, monetary provisions, amongst others.
Justice Anin-Yeboah additional referred to as on the insurance regulator; NIC to make sure the workshop and sensitisation train on the new Insurance Act was prolonged to magistrates, circuit and district courtroom judges throughout the nation.
Alternative Dispute Resolution (ADR)
For his half, the Commissioner of Insurance, Dr Justice Ofori, mentioned the Ghana Insurance College (GIC) would quickly start engagements with the Judicial Training Institute to incorporate Alternative Dispute Resolution (ADR) into the College’s coaching modules.
He mentioned this was to inculcate good negotiation and different ADR abilities in insurance practitioners themselves so as not to impede amicable settlement of insurance instances.
This, he mentioned would assist cut back insurance-related litigations.
