Regulatory Alerts1996-04-08
Added · Updated
Licensing of Insurance Loss Assessors and Loss Adjustors Directive No. SIB/12/1996
The National Bank of Ethiopia establishes licensing requirements for insurance loss assessors and loss adjustors, mandating that applicants be Ethiopian nationals with no criminal convictions for dishonesty or fraud. Loss assessors must hold an acceptable diploma and sufficient experience, while loss adjustors require a diploma from the Chartered Institute of Loss Adjustors or equivalent. Partnerships must be organized as unlimited liability entities, and licensed professionals from outside Ethiopia require specific authorization from the Bank. The directive imposes a Birr 300 investigation fee and a Birr 250 license fee, entering into force on April 8, 1996.