Regulatory Alerts2025-04-15
Guidelines on Licensing of a Funeral Insurance Provider in Malawi
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued these guidelines to establish licensing criteria for entities seeking to operate as funeral insurance providers. Applicants must demonstrate a minimum paid-up capital of K300 million, core capital of K240 million, and appoint a qualified principal officer with at least five years of experience alongside an independent-majority board. The framework mandates a comprehensive application process featuring a K250,000 assessment fee, detailed business and financial projections, technology requirements, and compliance with the Financial Services Act 2010.
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