Regulatory Alerts2014-01-01
Insurance (Claims Management) Directive, 2014
Issued by the Registrar of Financial Institutions in Malawi, this Directive establishes comprehensive claims management standards for insurers, brokers, and licensed claim settling agents. It mandates strict timelines for claim acknowledgement, investigation, and settlement while requiring separate claims departments, standardized documentation, and quarterly reporting to the Registrar. The Directive introduces a formal internal complaints resolution process and imposes specific monetary penalties, including daily fines and interest on delayed payments, to ensure timely and fair claim outcomes.
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