Insurance (Submission of Information by Insurance Brokers) Directive 2025

515 The Malawi Gazette Supplement, dated 15th August, 2025, containing Regulations, Rules, etc. (No. 26A)

GOVERNMENT NOTICE NO. 82

INSURANCE ACT (No. 6 of 2025)

INSURANCE (SUBMISSION OF INFORMATION BY INSURANCE BROKERS) DIRECTIVE, 2025

ARRANGEMENT OF PARAGRAPHS

PARAGRAPH PART 1—PRELIMINARY

1. Citation
2. Interpretation
3. Objectives

PART II—MINIMUM REQUIREMENTS 4. Form of call reports 5. Deadlines for submission of call reports 6. Submission of institutional profile 7. Submission of other information 8. Restriction on tampering with form of call report

PART III—ENFORCEMENT 9. Monetary penalties

IN EXERCISE of the powers conferred by section 110 (2) of the Insurance Act, 2025, I, DR. MACDOLNAD MAFUTA MWALE, Registrar of Financial Institutions, issue the following Directive—

PART I—PRELIMINARY

1. This Directive may be cited as the Insurance (Submission of Citation Information by Insurance Brokers) Directive, 2025.

2. In this Directive, unless the context otherwise requires— Interpretation “call report” means a complete set of returns as prescribed in this Directive that an insurance broker must compile and submit to the Registrar.

3. The objectives of this Directive are to— Objectives (a) set out the supervisory reporting requirements for insurance brokers; and (b) provide for timely submission of accurate electronic infor- mation and data as prescribed by the Registrar.

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516 15th August, 2025

PART II—MINIMUM REQUIREMENTS

Format of 4.—(1) An insurance broker shall complete and submit to the Registrar a call reports call report in the format prescribed in the First Schedule.

(2) A reinsurance broker shall compile and submit to the Registrar a call report in the format prescribed in the Second Schedule.

(3) A composite insurance broker shall compile and submit to the Registrar a call report in the format prescribed in the Third Schedule.

Deadlines for 5.—(1) An insurance broker, reinsurance broker or a composite insurance submission of broker shall submit a call report to the Registrar by 15th July and 15th January call reports of each year.

(2) An insurance broker, reinsurance broker or a composite insurance broker shall submit an annual call report, audited by the external auditor, to the Registrar within three months of the end of each financial year.

Submission 6. An insurance broker, reinsurance broker or a composite insurance of institu- broker shall complete and submit to the Registrar an institutional profile in the tional profile form as prescribed in the Fourth Schedule, within three months of the end of each financial year.

Submission of 7. In addition to the submission of a call report, an insurance broker, other reinsurance broker or a composite insurance broker shall provide any other in- information formation, reports or data as may be directed by the Registrar, from time to time.

Restriction on 8. Unless otherwise approved by the Registrar, an insurance broker, tampering with reinsurance broker or composite insurance broker shall not modify or tamper form for call with, the form of the call report as prescribed. report

PART III—ENFORCEMENT

Monetary 9. Where the Registrar determines that an insurance broker, reinsurance penalties broker or composite insurance broker has not met the requirements of this Directive, the Registrar may impose the following—

(a) for failure to submit a call report or any other information within the prescribed deadline, a monetary penalty of up to K500,000;

(b) for modifying or tampering with the prescribed form for a call report, a monetary penalty of up to K500,000; and

(c) for a repeated contravention, a monetary penalty of up to K500, 000, in addition to the fine in subparagraphs (a) or (b).

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15th August, 2025 517

FIRST SCHEDULE (para. 4(1)) CALL REPORT FORMS FOR INSURANCE BROKER

NAME OF FORM	FORM NO.

1. Statement of Financial Position . . | Form IB1
2. Statement of Comprehensive Income . . | Form IB2
3. Insurance Premiums and Commissions. . | Form IB3
4. Share of Business (Details of insurance/reinsurance companies) | Form IB4
5. Debtors and Creditors. . | Form IB5
6. Late Claims Settlement-General Insurers. . | Form IB6
7. Late Claims Settlement –Life Insurers . . | Form IB7

SECOND SCHEDULE (para. 4(2)) CALL REPORT FORMS FOR REINSURANCE BROKERS

NAME OF FORM	FORM NO.

1. Statement of Financial Position . . | Form RB1
2. Statement of Comprehensive Income . . | Form RB2
3. Reinsurance Premiums and Commissions . . | Form RB3
4. Share of Business (Details of insurance/reinsurance companies) | Form RB4

THIRD SCHEDULE (para. 4(3)) CALL REPORT FORMS FOR COMPOSITE INSURANCE BROKERS

NAME OF FORM	FORM NO.

1. Statement of Financial Position . . | Form CB 1
2. Statement of Comprehensive Income . . | Form CB 2
3. Insurance Premiums and Commissions. . | Form CB 3
4. Reinsurance Premiums and Commissions . . | Form CB 4
5. Share of Business (Details of insurance/reinsurance companies) | Form CB 5
6. Debtors and Creditors. . | Form CB 6
7. Claims Settlement-General Insurers. . | Form CB 7
8. Claims Settlement-Life Insurers. . | Form CB 8

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518 15th August, 2025

FOURTH SCHEDULE (para. 6) INSTITUTIONAL PROFILE

NAME OF INSURANCE BROKER – REPORTING DATE --- | --- HEAD OFFICE (Contact Details: | Physical, Postal and Email Addresses; | Telephone and Fax Numbers; and Website) | BRANCH OFFICES (Include agencies | and indicate where applicable) | | | PRINCIPAL OFFICER | EXTERNAL AUDITORS | BANKERS (List all banks where | the company has bank accounts) | DATE OF FIRST LICENCE | SHAREHOLDING | Name of Shareholder | Percentage | | | | | | | |

BOARD OF DIRECTORS	Name of Director	Qualification	Date of first appointment

SENIOR MANAGEMENT	Name of Officer	Qualification
Chief Executive Officer
Head of Finance
Claims Manager
Underwriting Manager
Branch Manager
NUMBER OF STAFF

Made this 7th day of August, 2025.

(REF. NO. FIN/PFSPD/01/06)

DR. M. M. MWALE Registrar of Financial Institutions