Regulatory Alerts2025-10-31
Requirements for Licensing of an Insurance Broker
Issued by NBFIRA, these regulations mandate that insurance brokers satisfy comprehensive company, capital, and controller prerequisites to obtain a license. Applicants must demonstrate Botswana residency, maintain minimum capital of P100,000 or 4% of annual income, and secure professional indemnity, fidelity, and security guarantees. The licensing process requires electronic submission via Form 4 with a P5,775 non-refundable fee, followed by annual renewals costing P3,465 and proof of supervisory levies.
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