Regulatory Alerts2018-07-05
Added · Updated
Insurance (Submission of Information by Insurers) Directive, 2018
The Directive requires licensed insurance and reinsurance companies in Malawi to submit quarterly call reports within 10 days after each quarter ends and audited annual call reports within 3 months after the financial year ends. General insurers, life insurers, and reinsurers must use specific formats prescribed in the First, Second, and Third Schedules, respectively, and submit an institutional profile within 3 months after the financial year ends. Insurers are prohibited from modifying or tampering with the call report templates unless approved by the Registrar. Monetary penalties include fines of K2,000,000 for late submission, K5,000,000 for tampering, and up to K10,000,000 for repeated contraventions.
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