Insurance
Short Term Insurance
Regulatory Framework The Non Bank Financial Institutions Regulatory Authority Act and the Insurance Industry Act and the International Insurance Act regulate the establishment, licensing and operation of short-term insurers in Botswana. The Income Tax Act; regulates the taxation of retirement fund contributions, investment income and benefits...
Insurance Agents
An Insurance Agent is a professional who represents an insurance company in selling and servicing policies. The agent generally receives a commission for this service. I n Botswana, insurance agents are required to undergo classroom education for the type of insurance they are qualifying for to be approved to take the state insurance exam (...
Insurance Brokers
An Insurance Broker is someone/entity who represents you with your insurance transactions, unlike an insurance agent, who only represents the insurance company. An insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her clients. A typical insurance agent...
Information on Controllers
Section 4 (1) (a) of the NBFIRA Act, defines a controller as “a person who is in a position to control or exert significant influence over the business or financial operations.” Section 65 requires the Regulatory Authority to approve all controllers before they take office. The following information need to be submitted to NBFIRA for assessment of...
Medical Aid Funds
Medical Aid can be described as the business of undertaking liability in return for a premium or contribution- • To make provision for the obtaining of any relevant health service; • To grant assistance in defraying expenditure incurred in connection with the rendering of any health service; • Where applicable, to render a relevant health service...
Regulated Entities
REINSURERS Continental Reinsurance Company Limited Grand Reinsurance Company (Pty) Ltd former Chrislaan Investments FMRE Property and Casualty (Pty) Ltd FBC Re (Botswana) (Pty) Ltd Emeritus Reinsurance (Pty) Ltd GENERAL INSURERS Alpha Direct Insurance Company (Pty) Ltd B.I.C.B Limited t/a Bryte Risk Services Botswana BIHL Insurance Company Limited...
