Proclamation No 86 PDF Form
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People also ask ethiopian insurance proclamation pdf
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What is regulation of insurance companies in Ethiopia?
- The Ethiopian insurance industry is regulated by the NBE. - Motor third-party liability insurance and professional indemnity insurance for insurance intermediaries are compulsory classes of insurance. - Composite insurance is permitted in Ethiopia. - The government does not permit FDI in the insurance industry. -
What is Proclamation No 86 1994 PDF?
Proclamation No. 86 /1994, which is named as “the Licensing and Supervision of Insurance Business”, is presently used as a legal base for insurance industry in Ethiopia. To liberalize insurance sector, this proclamation allows domestic private sectors to invest in insurance industry. -
What is Proclamation No 68 1975?
Ethiopian Insurance Corporation (EIC) was established in 1976 by proclamation No. 68/1975. The Corporation came into existence by taking over all the assets and liabilities of the thirteen nationalized private insurance companies, with Birr 11 million (USD 1.29 million) paid up capital aiming the following objectives. -
What is the origin of insurance in Ethiopia?
Insurance business in its modern sense in Ethiopia started in 1905 when the then Bank of Abyssinia got underwriting authority in the form of Agency for Fire and Marine Insurance business. The first local insurance company was formed in 1951. -
What are the entry requirements for insurance business in Ethiopia?
The other condition that a person must fulfill to obtain a license relates to the minimum capital of the company, i.e., it must have a minimum capital of 3 million Birr if it is applying for license to undertake general insurance business i.e., insurances other than insurance of persons, and 4 million Birr if it is ... -
What is proclamation no 86 1994 in Ethiopia?
Proclamation No. 86 /1994, which is named as “the Licensing and Supervision of Insurance Business”, is presently used as a legal base for insurance industry in Ethiopia. To liberalize insurance sector, this proclamation allows domestic private sectors to invest in insurance industry. -
What are the types of insurance coverage given by Ethiopian Insurance Corporation?
The major property and liability insurance services given by the Corporation are all risks, Aviation (Cargo and Hull), Bankers Blanket Policy, Burglary and House Breaking, Bonds, Condominium, Consequential loss, Crop Insurance, Engineering, Fidelity Guarantee, Fire and Lightning, Goods in transit, Inland Carriers ... -
How many insurance companies are there in Ethiopia?
Seventeen insurance companies operate in the Ethiopian market of which nine are composites.
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