Regulatory Alerts2022-10-03
Added · Updated
Fees on an Insurance Auxiliary Directive No. SIB/59/2022
The National Bank of Ethiopia establishes specific investigation, licensing, renewal, and penalty fees for insurance auxiliaries, defined as agents, brokers, loss assessors, or surveyors. New license investigation fees are set at Birr 750 for agents, Birr 1,000 for assessors or surveyors, and Birr 5,000 for brokers, while corresponding licensing fees are Birr 1,500, Birr 2,000, and Birr 10,000 respectively. Renewal fees mirror the licensing amounts, and a penalty fee applies to auxiliaries failing to renew within one month of expiry, ranging from Birr 1,000 to Birr 2,000 depending on the license type. This Directive repeals several prior directives and provisions, entering into force on October 3, 2022.