Regulatory Alerts2015-07-01
Added · Updated
Manner of Reporting Quarterly and Annual Returns Directives No. SIB/38/2014
The National Bank of Ethiopia requires all insurers to submit separate quarterly and annual financial and non-financial returns for general and long-term insurance business, risk sharing schemes, and inward reinsurance. Quarterly reports must be filed within 30 days after the end of each quarter, while annual audited financial statements and actuarial valuation reports are due within 90 days of the financial year's close. The directives establish specific calculation methods for technical provisions, including unearned premium provisions, outstanding claims, and incurred but not reported claims, and mandate the separation of accounts for different lines of business. These rules replace Directive No. SIB/17/1998 and take effect on July 1, 2015.
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