Regulatory Alerts2022-10-03
Added · Updated
Fees on Insurance Companies Directive No. SIB/58/2022
The National Bank of Ethiopia establishes investigation, licensing, renewal, penalty, and examination fees for insurance companies operating in or seeking a license in Ethiopia. New license applicants must pay investigation fees ranging from Birr 12,500 to Birr 37,500 and licensing fees from Birr 25,000 to Birr 100,000 depending on whether they seek general, long-term, or both types of business licenses. Existing companies face a Birr 100,000 renewal fee, a Birr 10,000 penalty for late renewal, and examination fees scaled by asset size: Birr 500,000 for big, Birr 350,000 for medium, and Birr 250,000 for small insurers. The directive repeals specific articles from Directives No. SIB/19/1998 and No. SIB/33/2013 and enters into force on October 3, 2022.