Regulatory Alerts2019-01-01
Insurance (Inclusive Insurance) Directive, 2019
Issued by the Registrar of Financial Institutions, this directive establishes comprehensive regulatory standards for inclusive insurance operators in Malawi targeting low-income households. It mandates specific licensing procedures, minimum capital and solvency ratios, technical reserve calculations, and streamlined market conduct rules including three-day claim settlements and simplified one-page policy terms. The framework further enforces compliance through mandatory quarterly reporting, risk management governance, and monetary penalties of up to ten million Kwacha for contraventions.
Share