Regulatory Alerts2017-01-01
Added · Updated
Insurance (Classes of Insurance Business) Directive, 2017
Issued by the Registrar of Financial Institutions in Malawi, this Directive formally classifies general and life insurance business into specified classes and sub-classes. It mandates that insurers obtain written Registrar approval to upgrade their licenses for additional business lines while prohibiting unilateral downgrades. Non-compliance triggers administrative penalties, including a fine equal to one hundred percent of gross premiums earned from unauthorized operations.