Regulatory Alerts1995-11-16
Added · Updated
Insurance Brokers Code of Conduct Directive No. SIB/9/1995
The National Bank of Ethiopia establishes a Code of Conduct for licensed Insurance Brokers, requiring them to conduct business with utmost good faith, integrity, and independence. Brokers must disclose commission amounts, identify all insurers involved in a contract, and provide objective advice on insurance types and costs. The directive mandates that advertisements be restricted to contractual benefits and not misleading, while also requiring the disclosure of any additional charges or payments received for services beyond arranging insurance. Brokers are prohibited from withholding documentation without justifiable written reasons and must ensure client information is used only for normal business purposes or with consent. The directive specifies that a sufficient number of insurers means more than 50% of the license insurer and comes into force on November 17, 1995.