Licensing Regime
Licensing directives and guidelines establish the essential prerequisites for applicants seeking to operate in the insurance sector. The table below provides a concise overview of certain requirements. Nonetheless, applicants are strongly recommended to thoroughly review the relevant directives and guidelines to gain a comprehensive understanding of all the specified prerequisites.
| Entity | Application Fee | Minimum Capital | Governance | Duration |
|---|---|---|---|---|
| Life Insurer | K1,000,000.00 | K1,000,000,000.00 | Board of Directors and Senior Management | Perpetual |
| General Insurer | K1,000,000.00 | K750,000,000.00 | Board of Directors and Senior Management | Perpertual |
| Reinsurer | K1,000,000.00 | K1,500,000,000.00 | Board of Directors and Senior Management | Perpertual |
| Insurance Broker | K200,000.00 | K20,000,000.00 | Board of Directors and Senior Management | Annual |
| Insurance Agent | K75,000.00 | No capital Requirement | Board of Directors and Senior Management | Annual |
| Loss Assessor/Adjuster | K75,000.00 | No Capital Requirement | Board of Directors and Senior Management | Annual |