2011-07-15

Minimum Standards on Corporate Governance for Insurance Companies Directive, 2011

The Registrar of Financial Institutions in Malawi issued the directive to establish binding corporate governance standards for all licensed insurers. The framework mandates robust board structures, requiring a minimum of five directors with a majority independent, alongside mandatory Audit, Asset-Liability Management, and Risk Management committees. It enforces strict auditor independence, transparent remuneration policies, comprehensive financial reporting, and codified ethical conduct to ensure prudent management and policyholder protection.

Malawi

Reserve Bank of Malawi

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