A release issued by the Insurance Commission stated that the increment comes after a series of consultations with stakeholders since 2017.
It said it also considered the developments within the financial landscape over the period.
Life and Non-life insurance companies, had their minimum capital requirement increased from GH¢15 million to GH¢50 million.
For reinsurance companies, the minimum capital requirement has been increased from GH¢40 million to GH¢125million.
The minimum capital requirement for insurance broking companies and loss adjusters has been increased from GH¢300 million to GH¢500 million.
The minimum capital requirement for reinsurance broking companies was however maintained at GH¢1 million.
The Commission noted that the affected institutions are expected to submit their initial recapitalisation plan by August 31, 2019, but “injection of the property will not be accepted.”
“Any unencumbered property that is introduced will have to be sold for cash by at least six months before the capitalization date,” the statement said.
It further gave the assurance that it was working to protect the interests of insurance policyholders and also ensuring a strong industry, noting that, “the new MCR [Minimum Capital Requirement] is one of the initiatives the Commission is taking to achieve this.”
“The Commission will work with all industry players and provide the needed assistance to help the industry meet the new MCR,” the statement said.
The commission gave June 30, 2021, as the deadline for the insurance companies to raise the amount and meet the requirement.