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(1) The object of the Commission is to ensure effective administration supervision, regulation, monitoring, and control of the business of insurance to protect insurance policy holders and the insurance industry other than health insurance under the National Health Insurance Act, 2003 (Act 650).

 (2) For the attainment of its object under subsection (1) the Commission shall perform the following functions:

(a) license insurers and insurance intermediaries who transact insurance business in Ghana;

(b) in consultation with relevant bodies approve and set standards for the conduct of insurance business and insurance intermediary business;

(c) encourage the development of and compliance with the insurance industry's codes of conduct;

(d) approve, where appropriate, the rate of insurance premiums and commissions in respect of any class of insurance;

(e) provide a bureau to which complaints may be submitted by members of me public for resolution;

(f) arbitrate insurance claims referred to the Commission by any party to an insurance contract;

(g) Recommend to the Minister proposals for the formulation of policies for the promotion of a sound and efficient insurance market m the country; .

(h) supervise and approve transactions between insurers and their re-insurers;

(i) undertake sustained and methodical public education on insurance;

(j) take action against any person carrying on insurance business or the business of insurance intermediaries without a licence;

(k) maintain contact and develop relations with foreign insurance regulators and international associations of insurance supervisors and maintain a general review of internationally accepted standards for the supervision of insurers and insurance intermediaries;

(l) supervise, regulate and control compliance with the provisions 01 this Act and Regulations made under it and any other enactment relating to insurance; and

(m) perform other functions that are incidental to the carrying out of its functions under this Act.

(3) In performing its functions under this Act the Commission shall have regard to the protection of the public against financial loss arising out of the dishonesty incompetence, malpractice or insolvency of insurers or insurance intermediaries.