Draft insurance proclamation would split general and long-term licenses, create new regulator

A draft amendment to the Insurance Business Proclamation would end the provision of general and long-term insurance under a single license and create the Ethiopian Insurance Regulatory Authority to take over from the National Bank of Ethiopia. If ratified, insurers would need separate licenses for reinsurance and Takaful services, and standard insurance license holders would be barred from operating as reinsurance providers.