By Audrey Naa Dei KOTEY& Clara METTLE-NUNOO
The Insurance Act, 2021 (Act 1061) was passed on 5th January 2021 to provide a comprehensive framework for regulating activities in the insurance sector. This brief note focuses exclusively on the provisions concerned with the resolution of insolvencies in the insurance sector. This is a fitting enquiry, as insolvencies in the insurance industry are unique and may not necessarily follow the format applicable in other industries. As the learned authors of the Law of Reinsurance in England and Bermuda note: The principal difficulty that exists when it comes to the liquidation of an insurance or reinsurance company is the very difficulty which gave rise to the need for insurance in the first…
Read the full article at: https://thebftonline.com/2024/05/14/resolving-insolvency-in-the-insurance-sector/