Regulatory Alerts2011-04-13
Financial Reporting Requirements for Reinsurance Business
The Reserve Bank of Malawi issued Directive No. RI04-07/FRRR to standardize financial reporting for all registered reinsurance institutions operating in the country. The directive mandates these entities to submit prescribed annual and quarterly returns, complete with specific endorsement requirements and strict submission deadlines of four months and 45 days respectively. Non-compliance triggers administrative sanctions, including monetary penalties and suspensions on dividends, branch expansions, new activities, fixed asset acquisitions, and management compensation.
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