Regulatory Alerts2025-04-15
Guidelines for the Application of a Licence for an Insurance Company in Malawi
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued these guidelines to standardize the licensing process for insurance companies operating in the country. The document mandates specific paid-up and core capital thresholds ranging from K400 million to K1.5 billion depending on the insurance category, while requiring fit-and-proper board members, robust governance frameworks, and comprehensive documentation including five-year financial projections. It outlines a structured application procedure culminating in a conditional licence valid for six months, alongside prescribed assessment fees and annual supervisory levies to ensure ongoing regulatory compliance.
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