Ethiopia - Obtain Insurance Broker License

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Procedure

Apply In-Person:

1. To Obtain Insurance Broker License, the applicant has to approach the National Bank of Ethiopia link
2. Applicant has to get the form from the respective officer.
3. Applicant has to fill-in all the necessary details in the application form.
4. Make sure that the applicant has to attach the documents mentioned in the “Required Documents” section of this page.
5. Applicant has to attach the photocopies along with the application form.
6. Submit the completed form and the necessary documents to the officer.
7. The applicant has to pay the Investigation fee of Birr 550 and Licensing fee of Birr 1,000.
8. The authority officer will review the application and process the application.
9. Once the process is completed, the certificate is given to the applicant within the stipulated processing period of time.

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Required Documents

• Professional Indemnity Insurance Policy.
• Names and occupation (including dates of previous employment) of founders, where applicable.
• Four (4) photographs of the proposed Chief Executive Officer.
• Curriculum Vitae and supporting documents of the proposed Chief Executive Officer.
• Duly completed application form as prescribed by the Bank and enclosures specified therein.
• Memorandum and articles of association of the organization if the proposed insurance broker is in the form of business organization.
• Full address of principal place of business and branch offices.

Office Locations & Contacts

National Bank of Ethiopia
P.O Box: 5550
Tel: +251 115 517 430
E-mail: [email protected]
Fax: +251 115 514 588
Contact details link

Eligibility

In order to be licensed as an insurance broker, the following conditions shall be met:

• An applicant shall be an Ethiopian national or a business organization fully owned by Ethiopian nationals.
• An applicant or the owners, where the applicant is a firm, have not been convicted by court of law, in any country, for an offence involving dishonesty.
• An applicant shall be a person with honesty, integrity, diligence and reputation to the satisfaction of the Bank.
• Chief executive officer of an insurance broker, in any form of establishment, shall:
• Hold, at least a diploma in insurance or any one of business-related field from an institute, college or university acceptable to the Bank; and
• A minimum of eight years’ reputable managerial experience acquired through working at the head office of an insurance company with responsibility to oversee operational areas of underwriting and claims.

Fees

To Obtain Insurance Broker License the applicant should pay

• Investigation fee of Birr 550; and
• Licensing fee of Birr 1,000.

Validity

• Validity of the license is for 1 year.

Documents to Use

Guidelines link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The Processing time of this procedure takes up to 30 days.

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 displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant must complete the application form before submitting. Incomplete applications will not be accepted.
• Applicant must provide genuine information while applying for this procedure.

Required Information

• Full Name of Applicant
• Address of Applicant
• Contact number
• Email
• Age
• Gender

Need for the Document

“Insurance Broker” or “Broker” shall mean a person licensed as an insurance broker by the Bank who, acting for and on behalf of policyholders or proposers for insurance:

• Places insurance business with insurers
• Carries out work preparatory to the conclusion of contracts of insurance and reinsurance and
• Where appropriate, assists in the administration and performance of such contracts.

Information which might help

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Other uses of the Document/Certificate

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

External Links

Place some other external links

Others

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