Regulatory Alerts2025-01-01
Insurance (Submission of Information by Insurance Brokers) Directive 2025
Issued by the Registrar of Financial Institutions under the Insurance Act 2025, this Directive establishes mandatory supervisory reporting requirements for insurance, reinsurance, and composite brokers. It mandates the timely submission of standardized call reports and institutional profiles using prescribed schedules, with specific deadlines of 15 July and 15 January annually, plus audited annual reports within three months of the financial year-end. Non-compliance triggers monetary penalties of up to K500,000 for late submissions or form tampering, with additional fines for repeated contraventions.
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