Regulatory Alerts2026-03-25
Requirements for Persons with Significant Influence in an Insurance Company (SIB/63/2026)
The National Bank of Ethiopia issued Directive SIB/63/2026 to mandate fit and proper assessments for influential shareholders, directors, chief executive officers, and senior executive officers in Ethiopian insurance companies. The directive establishes strict educational, experiential, and financial soundness criteria while requiring board gender diversity, independent director quotas, and prior regulatory approval for key appointments. It further obligates insurers to implement continuous fitness testing, immediate event notifications, and robust whistleblowing mechanisms, replacing the previous 2012 directive effective March 26, 2026.
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