Regulatory Alerts2025-04-15
Guidelines for the Application of a Licence for a Claim Settling Agent in Malawi
The Registrar of Financial Institutions has issued licensing guidelines for entities and persons seeking to operate as claim settling agents under Malawi’s Financial Services Act 2010 and Insurance Act 2010. Applicants must submit a completed application form with a K75,000 assessment fee, demonstrating valid business registration, a qualified principal officer with at least two years of claims management experience, and adequate professional indemnity and fidelity insurance coverage. The guidelines also establish a streamlined renewal process requiring submission between January 1 and 31 annually, accompanied by a K20,000 fee and standard supporting documentation.
Share