Regulatory Alerts2013-03-01
Added · Updated
Requirements for Licensing and License Renewal of Insurance Business Directives No. SIB/33/2013
The National Bank of Ethiopia establishes requirements for obtaining and renewing insurance business licenses, defining key roles such as organizers, project managers, and influential shareholders. Applicants must submit detailed documentation including prospectuses, business plans, paid-up capital evidence, and propriety test questionnaires, while new insurers must implement comprehensive operational policies and maintain specific physical premises standards. License renewal is required annually, accompanied by a statutory deposit and fees of 3,000 Birr for general or long-term insurance, or 4,000 Birr for both. These directives repeal Articles 1-3 and 6 of Directives No. SIB/1/1994 and entered into force on March 1, 2013.