An insurer seeking registration shall satisfy the regulatory authority that:
- It is a company registered under the Companies Act of Botswana
- It has a principal office in Botswana
- Its controller, manager, principal officer and directors of the company are all residents of Botswana
- 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:
- has been adjudged as bankrupt in any country
- Has made an assignment to or arrangement or composition with creditors which has not been rescinded or set aside
- Has been convicted by any court in any country of an offence involving dishonesty
- In the opinion of the Registrar, is an unfit person to hold the office.
- The non-refundable application fee submitted with Form 1 is P9, 000.00.
- 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.
- 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.
- 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.
- 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.
- The licence is renewable annually, using Form 11.
Requirements for New Applications by Individual Agents
- Certified copy of a Certificate of Proficiency (CoP) or its equivalent, in the relevant class of insurance
- Certified copy of an identification document (Omang for citizens; work and resident permits, and passports for non-citizens) and two passport-sized photos
- Previous licences, together with a release letter from previous employers if applicable
- Application form obtained from NBFIRA offices
- Application letter from the prospective agency which the individual will represent
- Application fee of P100.00 (for direct agents), and P20.00 (for sub-agents)
Requirements for Individual Agent Renewals
- Application letter stating intent to renew a licence
- Certified copies of valid Omang (citizens); residence and work permits, and passports (non-citizens).
- Copies of previous/expired licences
- Confirmation of validity of agency agreement from the principal insurer
- Renewal fee of P50.00 (for direct agents) and P20.00 (for sub-agents)