Apply In Person:

1. The application for an Insurance Broker License shall be made to the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), whose mandate is to regulate and enforce compliance within the Non-Bank Financial Institutions (NBFI) sector to safeguard the stability, fairness, and efficiency of the non-bank financial sector.NBFIRA Contact & Map Location Details
2. Prospective applicants are required to collect and complete the Application for Licence to Operate as an Insurance Broker/Insurance Agent (Form 4), obtainable at the NBFIRA receptionist desk, or download via the NBFIRA website, NBFIRA Application Forms or directly download it using this Application for Licence to Operate as an Insurance Broker/Insurance Agent (Form 4)

   Note: If the applicant is a joint-stock company or limited liability company SECTION 3 in the form, must be completed in respect of every director, principal shareholder, senior manager, and administrator of the insurance intermediary.

3. The duly completed application form attached to the relevant supporting documentation as mentioned under the “Required Documents” section of this page, should be submitted to the NBFIRA office or NBFIRA RBSS portal. Any omission of the required documents or information will render the registration process incomplete.
4. Upon submission, the application is checked for completeness and correctness by the NBFIRA receiving officer, if everything is in order the applicant is issued with an acknowledgment slip that proves submission of the application file and for inquiry referencing if the need arises.
5. Upon receipt of the application file, the NBFIRA will evaluate the application and shall approve the applicant to be registered as an Insurance broker, where it is satisfied that the applicant has met all the registration requirements.
6. The NBFIRA may request additional information relevant to the application. In such a case, the information must be submitted within a specific period from the date of notification. Where the applicant fails to submit the required information, the Authority shall reject the application.
7. Notice of the decision (Approval, Deferral, or Rejection) for the application will be communicated to the client in writing or by phone or email.
8. Where the Authority is not satisfied that an applicant meets the registration requirements, it shall reject the application and notify the applicant in writing, stating the reasons for the rejection.
9. If approved, the Authority shall direct the NBFIRA registrar to register that person and draw up an insurance broker license to be issued to the client, upon presenting their identity document, approval letter, and acknowledgment receipt to be validated by the NBFIRA registrar's office.

Appeal against rejection of a license.

• Any person aggrieved by the decision of the Regulatory Authority not to grant a license, may appeal against the decision or re-apply if the deficiencies that formed the basis for rejection of the application have been corrected or otherwise addressed to the Regulatory Authority.

• Duly Complete and signed Application for Licence to Operate as an Insurance Broker/Insurance Agent (Form 4)
• Declaration concerning the establishment of a segregated client (trust) account (where applicable)
• Business plan.
• Company documents from Companies and Intellectual Property Authority.
• Agency Agreement(s), for agents, and a minimum of two letters of intent for Brokers from (re)insurers.
• Passport-sized photographs of all key persons are to be attached to SECTION 3.
• Certified copy of official identity document (ID for citizens and passport for non-citizens) for all key persons.
• Current extract from criminal/police records and a written declaration of any pending criminal and/or civil proceedings (if applicable).
• Current extract from the collections and attachment register and a written declaration on freedom from execution and bankruptcy (if applicable).
• Statement/certificate of rehabilitation should the person have been previously declared as insolvent but subsequently rehabilitated under the Insolvency Act (if applicable).
• Dated and signed curriculum vitae.
• Proof of academic qualifications.
• Proof of membership in professional bodies.
• Three professional references for the natural person intermediary, or each shareholder, (if applicable), directors (if applicable), and senior managers for proposed intermediary activities.
• Copy of professional indemnity insurance policy or proof of other comparable guarantees against liability arising from professional negligence, for at least P1, 000,000 for an insurance broker and P500, 000 for an insurance agent per year for all claims.
• Certified copy of a Certificate of Proficiency (CoP) or its equivalent, in the relevant class of insurance
• Certified copy of an identification document (Omang for citizens; work and resident permits, and passports for non-citizens) and two passport-sized photos
• Previous licenses, together with a release letter from previous employers. (if applicable)
• Proof of payment of the Application Fee payable to the NBFIRA bank account.

Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Address: 3rd-floor Exponential Building,
Plot 54351 New CBD, Off PG Matante Road
Gaborone.Botswana
Private Bag 00314, Gaborone
Tel: +267 3102595 / 3686100
Fax: +267 3102376 / 3102353
NBFIRA Contact & Map Location Details
NBFIRA Website
Business hours: Monday-Friday from 8:00 am-1:00 pm and 2:00 pm -5:00 pm, closed during Public Holidays & Weekends.

• Persons who wish to render services as an insurance broker is eligible to apply.

• The non-refundable licensing fee is P5,500 and should be deposited into NBFIRA bank Account No: 9060001296510 Stanbic Bank-Fairgrounds.

• The Insurance broker License is valid for one year from the date of issue unless suspended, revoked, or cancelled by the authority.
• An application for renewal of the license should be submitted atleast one months prior to the epiration of the current license.

• Application for Licence to Operate as an Insurance Broker/Insurance Agent (Form 4)
  

Please attach sample completed documents that would help other people.

• The time frame for processing the application is within one week.

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is dkisplayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since January 1908.

• Insurance Broker/Agent Details
• Company Name/ Registration no. /Trading Name
• License sought by the applicant: (Agent/Broker)
• Intermediary services and products applying for:
• Contact details (Physical address/ Postal address/ Telephone number/ Fax number/ Website address)
• Contact person Details
• Bank account details (business)
• Reliance on other parties’ details
• Business plan
• Declaration by the applicant

• An Insurance Broker is someone/entity who represents you with your insurance transactions, an insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her clients.
• Only registered and licensed insurance brokers with the NBFIRA are allowed to sell and service insurance policies in Botswana.

Insurance Brokers

• An Insurance Broker is someone/entity who represents you with your insurance transactions, unlike an insurance agent, who only represents the insurance company.
• An insurance broker is an independent insurance agent who works with many insurance companies to find the very best available policies for his or her clients.
• A typical insurance agent works for one specific company and chooses from within that company's policies for clients. While an insurance broker is different from the typical agent in this regard, the two are otherwise similar. Both usually work on a commission basis.

Please explain what are other uses for obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

• NBFIRA Requirements for Licensing of a Corporate Insurance Broker
  
• Botswana Insurance Industry Regulation Act 2019
  

More information which might help people.