Regulatory Alerts2023-10-27
Instruction No. 003/2023-CSBF of October 27, 2023 on the Approval of Insurance Companies and Branches of Foreign Reinsurance Companies
The Banking and Financial Supervision Commission (CSBF) of Madagascar issued Instruction No. 003/2023-CSBF to establish the comprehensive regulatory framework for approving insurance companies and branches of foreign reinsurance companies. The directive mandates specific application procedures, detailed approval criteria covering governance, financial solvency, and actuarial certification, and outlines strict timelines for file processing, suspensive conditions, and post-approval monitoring. It further standardizes the registration process for existing entities, governs pending applications, and repeals all prior conflicting provisions to ensure alignment with Madagascar's 2020 Insurance Law.
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