Increase in minimum capital

The new Burundian insurance code came into force on January 7, 2014. It states, among others, separation of life and non life insurance. A deadline of three years has been given to companies in order to comply with this directive.

The other major change pertains to the minimum level of capital, which rose from 300 000 BIF (196 020 USD) to 1 billion BIF (653 400 USD) for non life insurance companies and to 500 million BIF (326 700 USD) for life.
In neighboring countries Rwanda, Tanzania, Uganda and Kenya, minimum capital average is 5 billion BIF (3.2 million USD).