Botswana - Renewal of Health Insurance and Health Membership Organisation (HMO)

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Procedure

Apply In Person:

1. An application for renewal of an Health Insurance and Health Membership organization (HMO) license should be submitted to the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) office, least ninety (90) days before the expiration date of the current license, if desired to continue operation as an insurer.
2. Applications have to be submitted in writing on a Application for Renewal of Insurer Licence Form 3, otainable at the NBFIRA office or download it via the NBFIRA Website; NBFIRA Application Forms or directly download the form using this link; Application for Renewal of Insurer Licence Form 3
3. Upon obtaining the application form, the applicant should legibly complete the form, attach all the supporting documentation as listed under the “Required Documents” section of this page and submit the complete application file to the NBFIRA office, Insurance Section for consideration. Any omission of the required documents or information will render the application process incomplete.
4. The application shall also be accompanied by a license Fee of BWP 25,000.00 (Non-Refundable) and should be deposited into the NBFIRA bank account. Please refer to the “Fees” section for more information.
5. Upon receipt of the application, the NBFIRA officer will check for discrepancies or ineligibility in the application documents. If a discrepancy that cannot be immediately corrected exists in any of the documents, the application and all the submitted documents will be returned to the applicant and should not be re-submitted until the discrepancy has been rectified corrected.
6. The NBFIRA office may request additional information relevant to the application for the purpose of ascertaining compliance by the applicant with all applicable laws and regulations. In such a case, the information must be submitted within the stipulated time from the date of receiving such notice. Where the applicant fails to submit the required information, the NBFIRA office shall reject the application.
7. The Authority shall, for the purpose of considering and making a report on an application, appoint a committee of not less than three members of the Authority which committee shall report its recommendations to the Authority in writing.
8. After the successful screening of the submitted documents, Where the Regulatory Authority is satisfied that the applicant has complied with all the requirements as may be applicable; and has continue demonstrating a capacity to meet the obligations and compliance requirements it shall, within 90 days of receiving the complete application and requested additional information, issue a license to the applicant.
9. Notice of the decision (Approval, Deferral, or Rejection) for the application will be communicated to the client by letter.
10. Where the Authority is not satisfied with the findings, it shall refuse to grant a License renewal and give reasons in writing for its decision.
11. While collecting the license the applicant will be required to procedure their identity document and NBFIRA approval letter to be validated by the NBFIRA office.

Appeal against rejection of a license:

1. Any person aggrieved by the decision of the Regulatory Authority not to grant/re-issue a license, may appeal against the decision or re-apply if the deficiencies that formed the basis for rejection of the application have been corrected or otherwise addressed to the Regulatory Authority.

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Required Documents

• Duly completed and signed Application for Renewal of Insurer Licence Form 3
• Chart showing the organisational structure of the company, with names accompanying all senior management positions.
• Certification from the company’s auditors to substantiate the amount of paid-up capital.
• Statement showing all reinsurance arrangements currently in place detailing;
  • Names of reinsurers and their credit ratings;
  • Reinsurance treaty limits which the insurer can underwrite under each of the classes of insurance business transacted;
  • Validity period of such arrangements.
• List of all persons with whom agency agreements were active during the year (ending with the expiry date of licence being renewed), including any cancellations/suspensions and the reasons for such cancellations/suspensions.
• Proof of payment/settlement of all outstanding supervisory levies.
• Copy of previous licence.
• Proof of payment of the licence renewal fee.

Office Locations & Contacts

Non-Banking Financial Institutions Regulatory Authority (NBFIRA)
Address: 3rd floor Exponential Building,
Plot 54351 New CBD, Off PG Matante Road,
Gaborone.
Private Bag 00314, Gaborone
Tel: +267 3102595 / 3686100
Fax: +267 3102376 / 3102353
NBFIRA Office Location & Contact Details
NBFIRA Website

Eligibility

• Holders (insurer) of a current/ expired HMO insurance license are eligible to make the application.

Fees

• A licensing fee of P25, 000 (non-refundable) and should be deposited into NBFIRA bank Account No: 9060001296510 Stanbic Bank-Fairgrounds.

Validity

• The validity of the insurer license is one (1) year from the date of issue and it shall remain valid for that period unless cancelled, revoked, or surrendered to Regulatory Authority.
• The License should be renewed ninety (90) days before the expiration of the current license.

Documents to Use

• Application for Renewal of Insurer Licence Form 3
  

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The time frame for processing the application is usually within ninety (90) days from the date of submission of the application, provided all the documents and information have been provided for processing and consideration by the Regulatory Authority.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is dkisplayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since January 1908.

Required Information

• Business name
• Head Office address /contact details
• Principal Place of Business Details/ Contact Details
• Reliance on Other Parties Details/Contact Details (Consultant/ Auditor/ Actuary/ Insurance Manager)
• Governance: Company Structure, Legal Form, and Head Office Details
• Ownership and Control Details
• Financial Soundness and Capital Requirements Details
• Size and Type of Business Details
• Administration Systems and Processes Details
• Particulars of controllers/key persons
• Questionnaire for controllers/key persons
• Particulars of the shareholders
• Particulars of service providers
• Risk management strategy
• Business plan
• Sources of Capital
• Declaration by applicant

Need for the Document

• Any company that wishes to undertake insurance business such as Health Insurance is required to be registered and licensed as an Insurer by the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) which is the Regulatory Authority.
• The permit should be renewed if the holder wishes to continue operating as a insurer.

Information which might help

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 offense involving dishonesty
• In the opinion of the Registrar, is an unfit person to hold the office.

Other uses of the Document/Certificate

Please explain what are other uses for obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

• Insurance Industry Regulations 2019
  

Others

More information which might help people.