Regulatory Alerts2025-04-15
Guidelines for Licensing Insurance Loss Assessors and Adjusters in Malawi
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued licensing guidelines mandating that insurance loss assessors and adjusters submit a complete application with supporting documentation, including a business plan, financial projections, principal officer credentials, and professional indemnity insurance. The framework establishes a K75,000 initial assessment fee, requires valid agreements with insurers and clean criminal and credit histories, and outlines a strict renewal process between January 1 and 31 with a K20,000 fee and late submission penalties. Compliance ensures standardized market entry, operational transparency, and continuous regulatory oversight for licensed entities operating under the Financial Services Act 2010 and Insurance Act 2010.