Regulatory Alerts2017-01-01
Insurance (Classes of Insurance Business) Directive, 2017
Issued by the Registrar of Financial Institutions in Malawi, this Directive formally classifies general and life insurance business into specified classes and sub-classes. It mandates that insurers obtain written Registrar approval to upgrade their licenses for additional business lines while prohibiting unilateral downgrades. Non-compliance triggers administrative penalties, including a fine equal to one hundred percent of gross premiums earned from unauthorized operations.
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