Regulatory Alerts2008-01-01
Added · Updated
Licensing of Insurance Agent
The National Bank of Ethiopia establishes licensing requirements for insurance agents, mandating that natural persons be Ethiopian nationals with secondary education and specific training or experience, while juridical persons must be fully owned by Ethiopians with a qualified chief executive officer. Applicants must deposit Birr 20,000 to Birr 40,000 or maintain professional indemnity insurance, pay initial fees of Birr 300 and Birr 250, and complete mandatory pre-licensing training followed by 30 hours of refreshment courses every five years. Licenses are renewed annually with a fee of Birr 250, requiring submission within one month of expiry to avoid a Birr 200 penalty, and automatic cancellation occurs if renewal is not applied for within 12 months or if valid indemnity insurance is not maintained.