Regulatory Alerts2015-10-01
Added · Updated
Monitoring the Nationality of Shareholders of an Insurer or a Reinsurer Directive No. SIB/41/2015
The directive requires the boards of directors of insurers and reinsurers to establish and monitor mechanisms ensuring all shareholders are Ethiopian nationals or entities wholly owned by them. It mandates verification of nationality via official documents before share transfers and dividend payments, and prohibits dividend distribution or share transfers for shareholders identified as non-Ethiopian nationals. Insurers and reinsurers must notify the National Bank and Police in writing within five working days of identifying such non-compliance and file a prescribed report within nine months after the end of the financial year.
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