Insurance Industry Bill gets Parly nod

Thursday, July 23, 2015

Parliamentary gave a go- ahead to the insurance Bill

In a major boost to the local insurance industry, Parliament last week gave the go-ahead to the Insurance Industry Bill, which will overhaul the regulation of the insurance industry in Botswana.

The Bill seeks to, amongst others, import all provisions relating to the insurance industry from the Non-Banking Financial Institutions Regulatory Act. Currently, the insurance industry is regulated under the Insurance Industry Act of 1987.

The house’s nod for the Bill provides for the licensing, governance and regulation of all insurers, insurance brokers, insurance agents and representatives operating in Botswana and for matters incidental to or connected therewith.

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