Apply In Person:

1. The application for an Insurance/insurer 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 Insurer Form-1, 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 Insurer Form-1
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. After the successful screening of the submitted documents, Where the Regulatory Authority is satisfied that the applicant has complied with all the requirements as may be applicable; and demonstrated the capacity to meet the obligations and compliance requirements it shall, within 90 days of receiving the complete application and requested additional information, issue a license to the applicant.
8. Notice of the decision (Approval, Deferral, or Rejection) for the application will be communicated to the client in writing.
9. Where the Regulatory Authority is not satisfied that the applicant has complied with the requirements to be registered and licensed as a finance company, it shall reject the application and outline the reason for the rejection in writing.
10. While collecting the license the applicant will be required to produce an identification document, NBFIRA acknowledgment slip, approval letter, and Payment slip to be validated by the registrar at the NBIFA 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 Insurer Form-1
• Certificate of Incorporation, d) Memorandum & Articles of Association and/or Constitution of Company.
• Notice of Issue of Shares (Form 8).
• Shareholder certificate(s).
• Consent and Certificate of Director(s) or secretaries (Form 2B).
• There is a limit of 5% ownership between an insurer and a broker, whether this is directly or indirectly held, No person is allowed to be employed by both an insurer and a broker, in the capacity of manager, controller, director, or principal officer.
• Where the insurer owns in excess of 20% of the equity stock in any other company the company name, country of incorporation or registration, principal business activity, and percentage stock holding of each such company shall be stated.
• Notice/Proof of physical and postal address (e.g. lease agreement, utility bills, etc.).
• Appointment of Auditors (offer letter from insurer, acceptance letter, and practicing certificate from auditors).
• Appointment of Valuators; Actuaries for Life re/insurers and approved persons for Non-life re/insurers.
• Controller Certified copies of identification documents (Omang for citizens; or work and residence permits, and passport for non-citizens), copies of educational certificates, Biographical Affidavit form, Security Vetting Authorisation (SV1) form, Police clearance certificate (from the country of residence), CV, proof of residence (utility bill, letter from employer or affidavit), bank reference, personal balance sheet and 2 passport-sized photographs in respect of all controllers.
• Business plan.
• Risk Management Strategy.
• Anti-Money laundering/ combating the Financing of Terrorism policy.
• Disaster Recovery Plan.
• Investment Strategy.
• IT System general overview.
• Underwriting policy.
• Reinsurance and other risk transfer policies.
• Approved person or Valuator’s report.
• Proposed products policy wording
• Other supporting documentation as requested by the NBIFA office.
• 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.BotswanaPrivate 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.

An insurer seeking registration should meet the following requirement to be eligible to apply -


Company Requirements

• It is a company registered under the Companies Act of Botswana.
• It has a principal office in Botswana.

Controller Requirements:

• The controllers, managers, principal officers, and directors who handle the day-to-day management of the company are all residents in Botswana.
• The controllers and managers are persons with sufficient business knowledge and at least 5 years of experience in the insurance industry.
• The Principal Officer should be a person with a minimum of Associate in a recognized Insurance institution or its equivalent and at least five (5) years experience working in a managerial position of an insurance company.
• All controllers to meet the fit and proper requirements as prescribed by the NBFIRA Fit and Proper Rules.
• Evidence of insurance qualifications and experience of the principal officer, as per the NBFIRA Fit and Proper requirements.
• Appointment of Anti-Money Laundering/ Combating the Financing of Terrorism Compliance Office.

Capital Requirements:

• Non-life insurers to maintain a minimum capital target which shall be the higher of P5 million or 25% of operating expenses.
• Life insurers should maintain a minimum capital target which shall be higher than P10 million or 25% of operating expenses.
• Reinsurers should maintain a minimum capital target which shall be the higher of P10 million or 25% of operating expenses.

• The non-refundable licensing fee is P25,000 and should be deposited into NBFIRA bank Account No: 9060001296510 Stanbic Bank-Fairgrounds.

• The Insurance company registration certificate/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 Insurer Form-1
  

Please attach sample completed documents that would help other people.

• The time frame for processing the application is ninety (90) days from the date of submission of the application, provided all the documents and information have been provided for processing and consideration by the regulatory authority.

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.

• Business name
• Head Office address /contact details
• Principal Place of Business Details/ Contact Details
• Reliance on Other Parties Details/Contact Details (Consultant/ Auditor/ Actuary/ Insurance Manager)
• Governance: Company Structure, Legal Form, and Head Office Details
• Ownership and Control Details
• Financial Soundness and Capital Requirements Details
• Size and Type of Business Details
• Administration Systems and Processes Details
• Particulars of controllers/key persons
• Questionnaire for controllers/key persons
• Particulars of the shareholders
• Particulars of service providers
• Risk management strategy
• Business plan
• Sources of Capita
• Declaration by applicant

• Any company that wishes to undertake insurance business as an insurer is required to be registered and licensed as an insurance/insurer company by the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) which is the regulatory authority.
  

No insurer may employ as its manager, controller, or principal officer any person who:

• Has been adjudged as bankrupt in any country.
• Has made an assignment to or arrangement or composition with creditors which has not been rescinded or set aside.
• Has been convicted by any court in any country of an offense involving dishonesty.
• In the opinion of the Registrar, is an unfit person to hold the office.

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 Registration of an Insurance Company
  
• Botswana Insurance Industry Regulation Act 2019
  

More information which might help people.