Regulatory Alerts2012-09-17
Added · Updated
Requirements for Persons with Significant Influence in an Insurer Directives No. SIB/32/2012
The National Bank of Ethiopia establishes fit and proper criteria for influential shareholders, directors, chief executive officers, and senior executive officers of insurers, requiring National Bank approval for their appointment or shareholding changes. The directives mandate specific educational and experience thresholds, such as a minimum of 10 years of insurance experience for chief executive officers and 75% of board members holding a first degree, alongside integrity and financial soundness assessments. Acting officers are limited to a six-month term, and the National Bank retains the authority to suspend voting rights or remove individuals who fail ongoing fitness and propriety tests. These directives repeal Articles 4 and 5 of Directive No. SIB/1/1994 and entered into force on September 17, 2012.