Regulatory Alerts2014-07-07
Added · Updated
Insurance (Placement of Business Outside Malawi) Directive, 2014
Issued by the Registrar of Financial Institutions, this directive mandates that licensed insurers and brokers obtain prior written approval before placing non-reinsurance business outside Malawi. The regulation requires exhaustive domestic market consultations and prohibits insurance fronting, ensuring local capacity is prioritized for risks domiciled in Malawi. Contraventions trigger specific monetary penalties, including commission forfeitures and fines up to ten million Kwacha, alongside potential administrative sanctions.
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