Insurer Registration Requirements
The registration requirements of the above business are following:
- Before a firm may file an application for licensing, it has to fill an application form, available at the National Insurance Authority, and pay a registration fee of Slsh.1,000, 000/-.
- Certified copy of the Articles and Memorandum of Association of the company.
- A feasibility study report or a business plan with financial projections (Balance Sheet and Income Statement) for the first three years.
- Evidence of holding a minimum core capital of two million dollars.
- Details of the shareholders and shareholding structure of the company.
- Detailed and signed curriculum vitae of all directors and the Chief Executive Officer.
- The location of the head office should be specified.
- A certificate from the Central Bank of Somaliland specifying the amounts and details of a security deposit of at least 20% of the core capital.
- The proposed premium rates and rating scales for each class of business.
- Proposed Reinsurance arrangements.
- Once the application is approved, a license fee of USD 4,800.00 is payable by Insurance Companies registering with the Authority.
- The Authority may request additional information if necessary.