Regulatory Alerts2020-01-01
Guidelines on Application to Externalise Insurance Business Outside Malawi
The Registrar of Financial Institutions issued these guidelines to standardize and facilitate the approval process for insurance companies and brokers externalizing business outside Malawi. Applicants must ensure local pricing of risks, engage locally licensed insurers meeting minimum capital and solvency requirements, and submit complete applications with supporting policy documents and consultation slips. Upon approval, lead insurers must confirm risk-sharing arrangements within fourteen days and progressively increase local risk retention in subsequent policy renewals.
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