SIC was incorporated as State Insurance Corporation by Executive Instrument in 1962 (E.I. 17). It continued in existence by the State Insurance Corporation Instrument, 1965 (LI 424), made under section 5 of the Statutory Corporations Act, 1964.

The name of the company was changed to State Insurance Corporation of Ghana by virtue of the State Insurance Corporation (Amendment) Instrument, 1969 (LI 635).

The Statutory Corporations (Conversion to Companies) Act, 1993 (Act 461) provided for a number of statutory corporations, including SIC, to be converted into companies limited by shares under the Companies Code, 1963 (Act 179) (the “Code”). SIC was duly incorporated as a public limited liability company on August 28, 1995.