Regulatory Alerts1998-08-01
Added · Updated
SIB/19/98 – Sanctions Against Failure to Maintain Renewed Business License and Professional Indemnity Insurance Policy
The National Bank of Ethiopia imposes a fine of Birr 500 on insurance companies and Birr 150 on insurance auxiliaries or actuaries that fail to apply for business license renewal within one month of expiry. Insurance auxiliaries and actuaries must maintain valid Professional Indemnity Insurance Policy at all times, failing which their license is cancelled, though this sanction does not apply to those holding deposits or pledged property with the Bank. These auxiliaries and actuaries are also required to promptly file a copy of the renewed policy with the Bank. These directives became effective on August 1, 1998.
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