Insurance Company Licence

An insurer seeking registration shall satisfy the regulatory authority that:

  1. It is a company registered under the Companies Act of Botswana
  2. It has a principal office in Botswana
  3. Its controller, manager, principal officer and directors of the company are all residents of Botswana
  4. Its controller, manager and principal officer are persons with sufficient insurance experience. No insurer may employ as its manager, controller or principal officer any person who:
    1. has been adjudged as bankrupt in any country
    2. Has made an assignment to or arrangement or composition with creditors which has not been rescinded or set aside
    3. Has been convicted by any court in any country of an offence involving dishonesty
    4. In the opinion of the Registrar, is an unfit person to hold the office.
  1. The non-refundable application fee submitted with Form 1 is P9, 000.00.
  2. At present, the application requirement for paid-up capital is P2 million. This figure shall not include debentures, preference shares, non-voting shares or paid-up capital subscribed, directly or indirectly by the insurer.
  3. The business plan must demonstrate that the company will be able to meet the required solvency margin. In the case of a non-life insurer, the solvency margin is P1 million or 20% of the net premium income, whichever is greater. For a life assurer, assets must equal liabilities.
  4. Where the insurer owns in excess of 20% of the equity stock in any other company the company name, country of incorporation or registration, the principal business activity of and percentage stock held in each company shall be disclosed.
  5. There is a limit of 5% ownership between an insurer and a broker, whether directly or indirectly held. No person is allowed to be employed by both an insurer and a broker in the capacity of manager, controller, director or principal officer.
  6. The licence is renewable annually, using Form 11.

Requirements for New Applications by Individual Agents

  1. Certified copy of a Certificate of Proficiency (CoP) or its equivalent, in the relevant class of insurance
  2. Certified copy of an identification document (Omang for citizens; work and resident permits, and passports for non-citizens) and two passport-sized photos
  3. Previous licences, together with a release letter from previous employers if applicable
  4. Application form obtained from NBFIRA offices
  5. Application letter from the prospective agency which the individual will represent
  6. Application fee of P100.00 (for direct agents), and P20.00 (for sub-agents)

Requirements for Individual Agent Renewals

  1. Application letter stating intent to renew a licence
  2. Certified copies of valid Omang (citizens); residence and work permits, and passports (non-citizens).
  3. Copies of previous/expired licences
  4. Confirmation of validity of agency agreement from the principal insurer
  5. Renewal fee of P50.00 (for direct agents) and P20.00 (for sub-agents)