Regulatory Alerts2025-04-15
Guidelines for the Application of Approval to be a Bancassurance Provider in Malawi
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued these guidelines to establish the approval criteria and application procedures for licensed banks seeking bancassurance status. Applicants must submit a completed application form, pay a K500,000 assessment fee, designate a qualified principal officer, and provide a bancassurance agreement alongside a three-year financial projection business plan. The regulations mandate that banks act solely as insurance distributors rather than underwriters, ensuring clients retain the right to choose independent brokers and are not compelled to purchase packaged bancassurance products.
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