Regulatory Alerts2022-04-04
Added · Updated
Requirements for Information Technology (IT) Management Directive No. SIB/56/2022
The National Bank of Ethiopia requires all insurance companies and Ethiopian reinsurers to fully automate core business processes and implement a comprehensive management information system. These entities must establish IT governance, conduct quarterly IT risk assessments, and maintain a disaster recovery site, with specific compliance deadlines of two years for automation and one year for other provisions. Non-compliance with automation and disaster recovery requirements incurs a monthly fine of Birr 10,000 per requirement and potential suspension of related core business functions.