In 1962, the government set up the State Insurance Corp. (SIC) with the primary aims of tightening control over the activities of insurance companies (including their investment policies) and providing insurance coverage for the government and governmental bodies. In 1972, the SIC started a new subsidiary, the Ghana Reinsurance Organization, to curb the outflow of reinsurance premiums from the country. Insurance services were available as of 1997 through 16 companies, five of them classified as foreign (although a 1976 law required the latter to distribute 20% of equity to the government and 40% to Ghanaian partners). In 1999, there were 21 insurance companies operating in Ghana.