Regulatory Alerts2025-04-15
Guidelines for Insurance Agent Licensing in Malawi
The Registrar of Financial Institutions at the Reserve Bank of Malawi has issued these guidelines to standardize the licensing and renewal process for insurance agents operating in the country. Applicants, whether registered companies or individuals contracted to a single insurer, must submit completed application forms alongside proof of registration, principal officer qualifications, police and credit clearance reports, and a valid agency agreement. The guidelines mandate a non-refundable K75,000 initial licence fee and a K20,000 annual renewal fee payable by January 31 each year, with late submissions incurring additional penalties and un-renewed companies required to formally notify the Registrar.
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