AmendmentOther

Amendment of Fine for Non-Compliance with the Directive of the National Bank of Ethiopia (Directive No. 103/2020)

National Bank Of Ethiopia103/2020

Summary

This document amends Directive No. 103/2020 by modifying the fines for non-compliance with National Bank of Ethiopia directives, specifically for insurance companies. It details penalties for initial non-compliance, late payment of fines, and allows for additional measures and waivers.

Who's affected

Insurance companies operating in Ethiopia.

Action required

Insurance companies must ensure compliance with all National Bank of Ethiopia directives to avoid fines and additional penalties.

Key points

5
  • Fine for non-compliance with NBE directives is birr 10,000 per violation.
  • Additional penalty of birr 200 per day for late payment of fines.
  • Fines must be paid within 5 working days.
    • Show 2 more
    • NBE has the discretion to waive penalties or take other measures.
    • Directive No. SIB/14/96 is repealed.

Requirements

2
  • Insurance companies must comply with all directives issued by the National Bank of Ethiopia.
  • Fines imposed for non-compliance must be paid within 5 working days of notification.

Rights and permissions

2
  • The National Bank of Ethiopia may waive penalties on justified grounds.
  • The National Bank of Ethiopia may take other necessary measures beyond specified fines.

Restrictions

2
  • Insurance companies are subject to a fine of birr 10,000 for each violation of directives.
  • An additional penalty of birr 200 per day applies for outstanding fines after 5 working days.

Penalties

3
  • Fine of birr 10,000 for each violation of directives.
  • Additional penalty of birr 200 per day for outstanding fines.
  • Other measures as deemed necessary by the National Bank of Ethiopia.

Objectives

3
  • To establish and update penalties for non-compliance with National Bank of Ethiopia directives.
  • To ensure timely payment of imposed fines.
  • To provide the National Bank of Ethiopia with the authority to take additional measures and grant waivers when justified.

Organizations

1
  • National Bank of Ethiopia

Legal references

4
  • Monetary and Banking Proclamation No. 83/1994, Article 41
  • Licensing and Supervision of Insurance Business Proclamation No. 86/1994, Article 26(4)(d)
  • Directive No. 103/2020
    • Show 1 more
    • Directive No. SIB/14/96
Original sourcehttps://justice.gov.et/en/directives/amendment-of-fine-for-non-compliance-with-the-directive-of-the-national-bank-of-ethiopia-directive-no-103-2020/
View source