Regulatory Alerts2026-03-25
SIB/62/2026 Licensing of Insurance Broker
The National Bank of Ethiopia issued Directive No. SIB/62/2026 to establish comprehensive licensing and operational standards for insurance brokers operating in Ethiopia. The directive mandates that chief executive officers and partners meet specific educational qualifications and managerial experience thresholds while requiring brokers to maintain valid professional indemnity insurance with coverage equal to three times their annual commission or one million Birr, whichever is greater. It further codifies fiduciary duties, risk placement procedures, record-keeping obligations, and clear grounds for license suspension or revocation, with non-compliance triggering a ten thousand Birr fine and automatic cancellation for lapsed insurance policies.