AmendmentInvestment

Amendment of Opening of Branches (Directive 184/2020)

National Bank Of Ethiopia184/2020

Summary

This directive amends Directive No. 96/2020 regarding the opening of insurance branches. It specifies that the National Bank of Ethiopia must provide a written response to applicants within thirty calendar days and sets a fee of Birr 500.00 for each licensed branch an insurer opens.

Who's affected

Insurance companies seeking to open new branches in Ethiopia.

Action required

Insurance companies must pay a fee of Birr 500.00 for each licensed branch and be aware of the 30-day response timeline from the National Bank of Ethiopia for applications.

Key points

3
  • Amendment of Directive No. 184/2020.
  • NBE response time for branch applications is 30 days.
  • Fee for each licensed branch is Birr 500.00.

Requirements

2
  • Insurers licensed to open a branch shall pay Birr 500.00 for each licensed branch.
  • The National Bank of Ethiopia shall give a written response to the applicant within thirty calendar days from the date of receipt of the application and feasibility study.

Rights and permissions

1
  • Applicants have the right to receive a written response from the National Bank of Ethiopia within thirty calendar days.

Restrictions

1
  • An insurer licensed to open a branch must pay a fee of Birr 500.00 per branch.

Objectives

3
  • To amend Directive No. 96/2020 concerning the opening of insurance branches.
  • To establish a clear timeframe for the National Bank of Ethiopia's response to branch opening applications.
  • To specify the fee for opening a licensed insurance branch.

Organizations

1
  • National Bank of Ethiopia

Legal references

3
  • Article 41 of the Monetary and Banking Proclamation No. 83/1994
  • Article 25 of the Licensing and Supervision of Insurance Business Proclamation No. 86/1994
  • Directive No. 96/2020
Original sourcehttps://justice.gov.et/en/directives/amendment-of-opening-of-branches-directive-184-2020/
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