Steep targets set for insurance firms

Ramasedi
Ramasedi

New Insurance Industry Act regulations have raised the minimum capital requirement for insurance firms by up to five times in some instances, as the regulator seeks to protect policyholders.

The new regulations are in line with the Non-Bank Financial Institutions Regulatory Authority’s (NBFIRA) push for a risk-based supervisory regime.

Although the regulations kicked into effect on May 17, insurers have been given a 12-month grace period to raise their minimum capital targets to the level required by the new law.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

Have a Story? Send Us a tip
arrow up