Regulatory Alerts2004-03-01
Added · Updated
SIB/27/2004 – Amendment of Fine for Non Compliance with Directives of NBE
Directive No. SIB/27/2004 establishes a fine of birr 10,000 for each violation of National Bank of Ethiopia directives by any insurance company. If the fine is not paid within five working days of notification, an additional penalty of birr 200 is imposed for each day the amount remains outstanding. The National Bank of Ethiopia retains the authority to take other necessary measures and may waive penalties on justified grounds. This directive repeals Directive No. SIB/14/96 and enters into force on March 1, 2004.
Topics
Share