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1996-04-08

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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.

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የኢትዮጵያ ብሔራዊ ባንክ NATIONAL BANK OF ETHIOPIA ADDIS ABABA

TELEGRAPHIC ADDRESS NATION BANK TELEX 21020 CODES USED PETERSON 3rd & 4th ED. BENTLEY'S 2nd PHRASE A. B. C. 6th EDITION

LICENSING AND SUPERVISION OF INSURANCE BUSINESS

LICENSING OF INSURANCE LOSS ASSESSORS AND LOSS ADJUSTORS DIRECTIVE NO. SIB/ 12/1996

PLEASE ADDRESS ANY REPLY TO P. O. BOX 5550 ADDIS ABABA

  1. Issuing Authority These Directives are issued by the National Bank of Ethiopia pursuant to the authority vested in it by Article 41 of the Monetary and Banking Proclamation No. 83/1994 and Article 25 of the Licensing and Supervision of Insurance Business Proclamation No. 86/1994.

  2. Requirements An applicant for a license: 2.1 has to be an Ethiopian national; 2.2 must not have been convicted of an offence involving dishonesty or fraud, whether in Ethiopia or elsewhere; and 2.3 maintain a professional indemnity insurance cover or produce property guarantee for Birr 100,000.= (One hundred thousand Birr).

  3. Qualifications 3.1 Loss Assessor An applicant should hold a diploma in the field from institutions acceptable by the Bank and sufficient experience in the profession he is applying for.

የኢትዮጵያ ብሔራዊ ባንክ NATIONAL BANK OF ETHIOPIA PAGE 2

3.2 Loss Adjustor An applicant should hold a diploma from the Chartered Institute of Loss Adjustors or institutes with similar status who provide professional qualification in loss adjusting.

  1. Business Organization If the applicant is a partnership it has to be organized in the form of unlimited liability, and the managing partner should meet the requirements provided for under sections 3.1 or 3.2 heretofore.

  2. Loss Assessor or Loss Adjustor Licensed Outside Ethiopia Loss Assessor or Loss Adjustor licensed outside Ethiopia may engage in loss assessing or adjusting business provided he/she is authorized to do so by the Bank.

  3. Fees A person applying for a license to be Loss Assessor or Loss Adjustor shall pay investigation fee of Birr 300.= (Three hundred Birr) and initial license and subsequent annual renewal fee of Birr 250.= (Two hundred fifty Birr).

  4. Other Requirements An applicant shall submit: 7.1 name and occupation (including date and addresses of previous employment); 7.2 four passport size photographs; 7.3 curriculum vitae; and 7.4 duly completed application form as prescribed by the Bank and enclosures specified therein.

የኢትዮጵያ ብሔራዊ ባንክ NATIONAL BANK OF ETHIOPIA PAGE 3

These Directives shall enter into force as of 8th day of April 1996.

DUBALE JALE GOVERNOR NATIONAL BANK OF ETHIOPIA

April 5, 1996.

Topics
insurance
licensing
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