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 amongst others.

List of Insurance Companies in the Gambia.

Company: Capital Insurance Co. Ltd.
Location: Address22 Serign Modou Sillah Street, Banjul, P.O. Box 485, Banjul, Tel: 4228544

Company: Gambia National Insurance Co. Ltd Northern Assurance (later renamed Capital Insurance Company in 1996)
Year Opened: 1974
Ownership Structure: Local: 100%
Location: Kairaba Avenue, K.S.M.D, P.O. Box 750, Banjul, Tel: 4395725/6

Company: Gamstar Insurance Co. Ltd.
Year Opened: 1991
Ownership Structure: Location 100%
Location: 79 Danial Goddard Street, Banjul, P.O. Box 1276, Banjul, Tel: 4228610

Company: Gamstar Life And Health Assurance Co. Ltd.
Year Opened: 2000
Ownership Structure: Local: 100%
Location: 2nd Floor Gamstar House, Banjul, P.O. Box 1276, Banjul
Tel: 4225257/4226021

Company: Global Security Insurance Co. Ltd.
Year Opened: 1996
Ownership Structure: Local: 71.3% Foreign: 28.7%
Location: 73A Gloucester Street, Banjul, Tel: 4223716

Company: Great Alliance Insurance Co. Ltd.
Year Opened: 1989
Ownership Structure: Location 100%
Location: 10 Nelson Mandela Street, Banjul, Tel: 4227839/4228112

Company:  International Insurance Co. Ltd.
Year Opened: 2000
Ownership Structure: Local: 5% Foreign: 95%
Location: 5 OAU Boulevard ,Banjul, Tel: 4202761

Company: Londongate Insurance Co. Ltd.
Year Opened: 1999
Ownership Structure: Local: 45% Foreign: 55%
Location: 1-3 Liberation Avenue, Banjul, P.O. Box 602, Banjul
Tel: 4201740 / 4201741

Company: New Vision Insurance Co. Ltd.
Year Opened: 1998
Ownership Structure: Local: 100%
Location: Trust Bank Building, 3-4 ECOWAS Avenue, Banjul, P.O. Box 239, Banjul

Company: Prime Insurance Co. Ltd.
Year Opened: 1997
Ownership Structure: Local: 40% Foreign: 60%
Location: 10C Nelson Mandela Street, Banjul, P.O. Box 277, Banjul
Tel: 4222476/4222302/4201948

Company: Sunshine Insurance Co. Ltd.
Year Opened: 2000
Ownership Structure: Local: 100%
Location: 7-8 Nelson Mandela Street, Banjul, Tel: 4202648 / 4202646