Regulatory Alerts2014-05-01
Added · Updated
Reinsurance Company Establishment Directive No. SRB/1/2014
The National Bank of Ethiopia establishes licensing requirements for reinsurance companies, mandating a minimum paid-up capital of Birr 500 million and 100% ownership by Ethiopian nationals or organizations wholly owned by them. Shareholdings are capped at 5% per person, with specific fit and proper criteria for directors, chief executive officers, and senior executive officers regarding education, experience, and integrity. The directive outlines detailed application procedures, required documentation, and fees, including a Birr 5,000 investigation fee and a Birr 3,000 licensing fee, while setting an effective date of May 1, 2014.
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