Regulatory Alerts2011-04-13
Directive No. RI01-07/FRRG: Financial Reporting Requirements for General Insurance Business
Issued by the Reserve Bank of Malawi, this directive mandates all registered general insurance institutions to submit standardized annual and quarterly financial returns in prescribed formats. Annual returns require endorsement by the board chairman, principal officer, and external auditor within four months of year-end, while quarterly returns must be signed by the principal officer and finance manager within fifteen days after each quarter. The directive, effective July 1, 2007, imposes specific monetary penalties for late submissions and empowers the Registrar to enforce remedial measures and administrative sanctions, such as dividend prohibitions or branch suspensions, for non-compliance.
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