Regulatory Alerts2021-01-01
Guidelines for Licensing Insurance and Reinsurance Brokers in Malawi (2021)
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued these guidelines to establish licensing criteria and application procedures for insurance, reinsurance, and composite brokers. Applicants must meet category-specific minimum paid-up capital requirements ranging from K20 million to K30 million, secure a qualified principal officer with at least five years of experience, and submit comprehensive documentation including business plans, financial statements, and proof of professional indemnity coverage. The framework outlines a K200,000 initial assessment fee, a structured approval process, and strict renewal timelines between January and February with a K75,000 fee plus penalties for late submissions.
Share