Radar | Mar 25,2023
Sep 23 , 2022
Regulators have inflated minimum paid-up capital requirements for insurers by more than sixfold.
Insurance firms are compelled to hold 400 million Br in equity to qualify for a general insurance license (up from 60 million Br); 100 million Br for a long-term insurance license; or half a billion Birr for both.
Insurance companies in the process of raising equity from the public can join the industry with the previous minimum capital thresholds so long as their promoters can do so within a year.
Existing insurance firms have been granted a five-year window to meet the updated terms.
The decision from the central bank comes more than a year after regulators raised the minimum capital threshold for the banking industry to five billion Birr.
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