Regulatory Alerts2016-01-01
Added · Updated
Insurance (Reinsurance) Regulations 2016
Governor of the Central Bank of Lesotho issued these regulations to establish comprehensive licensing and operational standards for insurance intermediaries. The rules mandate specific application procedures, a five-year licence validity, mandatory professional indemnity coverage of at least M1 million or 50% of brokerage income, and strict fiduciary handling of premiums with defined remittance timelines. Intermediaries must maintain a M50,000 bank deposit, adhere to fit and proper requirements, and face administrative fines or penalties under the Insurance Act 2014 for non-compliance.
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