NBFIRA Closes Insurance, Medical Aid Firms

Wednesday, July 19, 2017

NBFIRA has closed three companies over non compliance PIC: MORERI SEJAKGOMO

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has frozen the businesses of one general insurance firm and two medical aid schemes for non-compliance.

In three separate statements, NBIFRA said they had temporarily closed insurance company, Phoenix Botswana while two medical aid companies; Botsogo and Itekanele have also been provisionally shut.

“Members of the public are informed that Phoenix of Botswana Assurance Company has been placed under temporary closure in terms of Section 57 of the NBFIRA Act. Please be advised that as a condition of the closure Phoenix shall no longer take new clients or issue new insurance covers until further notice,” said NBFIRA.

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