Regulatory Alerts2023-12-14
Added · Updated
Licensing of Insurance Actuary Directive No. SIB/11/1996
The National Bank of Ethiopia requires applicants for an insurance actuary license to be Ethiopian nationals with no criminal convictions for dishonesty or fraud, and to maintain professional indemnity insurance or a Birr 100,000 property guarantee. Qualifications must include a degree or diploma from the Institute of Actuaries (London), Faculty of Actuaries (Scotland), Society of Actuaries (U.S.A.), or a professional institution of similar status. Applicants must pay a Birr 300 investigation fee and a Birr 250 initial and annual renewal fee, and submit specific personal and professional documentation. Licensed actuaries outside Ethiopia may engage in actuarial valuation business only if authorized by the Bank, and these directives entered into force on April 8, 1996.
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