Regulatory Alerts2017-01-01
Financial Services (Insurance Supervisory Levy) Regulations, 2017
Issued by the Malawi Minister of Finance, these regulations mandate annual supervisory levies from all licensed insurers, reinsurers, and insurance brokers to fund the Registrar's oversight activities. The levy is calculated as the greater of a fixed minimum Kwacha amount or one percent of audited annual profit, subject to specific caps per entity type, and must be paid within four months of the financial year-end or ten days upon notification. New entities receive a twenty-four-month payment exemption, while non-compliance triggers daily penalty interest at the ruling bank rate, a ten percent fine for under-collection due to misrepresentation, and additional administrative enforcement actions.
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