Awaiting a new insurance Code in Ethiopia

The insurance commission has submitted to the supervisory authority a bill for the revision of the insurance Code.

Among the major changes expected, we find the requirements for insurers to abstain from coverage in case of non-full payment of the premium and the reduction of the share held by individual or family shareholding from 20% to 5% per person. These shareholders will not be allowed to have any share in any other insurance company.

The bill did not specify the levels of paid-up capital, postponing the publication of those figures for another date.