Regulatory Alerts2011-07-15
Insurance (Suitability of Persons Associated with Ownership and Management of Insurers and Insurance Brokers) Directive, 2011
Issued by the Registrar of Financial Institutions in Malawi, this Directive mandates that insurers and insurance brokers ensure their responsible persons—including significant owners, directors, senior managers, actuaries, and auditors—are fit and proper to fulfill their roles. Regulated entities must implement a written Fit and Proper policy, conduct pre-appointment assessments, submit proposed appointments for Registrar approval within twenty-one days, and perform annual re-assessments while adhering to defined competence, character, and conflict-of-interest criteria. The Directive establishes specific disqualifications and professional qualifications for key roles, outlines administrative penalties up to five hundred thousand Kwacha, and grants the Registrar broad sanctioning powers including license suspension or cancellation for persistent non-compliance.