Regulatory Alerts2018-08-29
Added · Updated
Limits on Board Remuneration and Number of Employees Who Sit on the Board of an Insurer Directives No. SIB/46/2018
The National Bank of Ethiopia sets a maximum annual compensation of Birr 150,000 and a maximum monthly allowance of Birr 10,000 for directors of insurers, prohibiting any other forms of remuneration. Additionally, no employees, whether permanent or contractual, are permitted to sit on the board of an insurer. These rules apply to all insurers operating in Ethiopia and repeal Directive No. SIB/43/2016.
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