Regulatory Alerts2025-10-31
Requirements for Licensing of a Corporate Insurance Agent
NBFIRA establishes comprehensive licensing criteria for corporate insurance agents operating in Botswana, mandating specific company residency, capital thresholds of at least P30,000, and fit-and-proper controllers. The framework requires agents to appoint a qualified principal officer and AML compliance manager, maintain P500,000 professional indemnity cover, and submit Form 4 through the RBSS portal with a P1,260 fee. Annual licence renewals are processed via Form 7 and a P788 charge, contingent upon audited capital verification, valid agency agreements, and settled supervisory levies.
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