The regulation and supervision of insurance business was directly
under the Ministry of Finance as empowered by the 1974 Act. However,
the responsibility for the administration of the Act was given to
the Ministry of Justice, to ensure compliance. With a desk officer
appointed to be in charge of insurance matters at the Finance Ministry,
this responsibility was returned to that Ministry. An increase in
the number of insurance companies necessitated the appointment of
commissioner of insurance at the then Ministry of Finance in 1995.
In a bid to improve the efficiency of the financial system in the
Gambia, the Central Bank was empowered by the 1997 constitution
to assume the regulation and supervision of insurance institutions.
Initially there were two insurance companies operating in The Gambian
market. These were the Gambia national Insurance Company Limited
and the Northern Assurance Company. The latter was foreign owned
in large measure but was later transformed into a wholly locally
owned insurance company and has since then been renamed Capital
Insurance Company limited. Senegambia Insurance Company Limited
was set up in 1981 but discontinued operations in 1996.
Presently there are eleven insurance companies operating in The
Gambia These are companies are:
- Gambia National Insurance Company Ltd
- Great Alliance Insurance Company Ltd
- Capital Insurance Company Ltd
- Gamstar Insurance Company Ltd
- Global Security Insurance Company Ltd
- Prime Insurance Company Ltd
- New Vision Insurance Company Ltd
- Londongate Insurance Company Ltd
- Gamstar Life and Health Assurance Company Ltd
- Sunshine Insurance Company Ltd
- International Insurance Company Ltd
With the exception of Gamstar Life and Health Assurance Company
Ltd, Gambia National Insurance Company Ltd and Great Alliance Insurance
Company Ltd all these companies operate only non-life insurance.
Gamstar Life and Health Assurance Company Ltd is the first separate
subsidiary insurance company operating only life and long term insurance
in The Gambia.
The need to update the insurance Act 1974 led The Central Bank
of The Gambia to substantially revamp its provisions, so that we
now have the insurance Act 2003. The Regulation created under the
present Act is now being finalised.
This Regulations set out the basic requirements such as paid up
capital, deposits for every class of business, the amount of solvency
margin and components of its calculation as well as investment requirements
Also download in PDF format : -
The Insurance Act, 2003