LICENSING AND SUPERVISION OF INSURANCE BUSINESS
Prohibition of Issuance of Certain Types of Bonds by Insurance Companies Directive No. SIB/51/2020
Whereas, it becomes necessary to amend Directive No. SIB/24/2004, to allow the National Bank of Ethiopia to grant exemption, where appropriate, from the restriction imposed on issuance of unconditional bonds;
Now, therefore, in accordance with Article 64(2) of Insurance Business Proclamation No. 746/2012 as amended by the Insurance Business (Amendment) Proclamation No.1163/2019, the National Bank of Ethiopia has hereby amended Article 2 of Prohibition of Issuance of Certain Types of Bonds by Insurance Companies Directive No. SIB/24/2004 as follows:
- Short Title
This directive may be cited as “Prohibition of Issuance of Certain Types of Bonds by Insurance Companies Directive No. SIB/51/2020 (I” Amendment)”.
Article 2 is amended as follows:
2.3 “Notwithstanding with the provision of sub-article 2.2 of Article 2, the National Bank may allow the issuance of unconditional bonds as it deemed necessary”.
- Effective Date
This directive shall enter into force as of the 4’h day of August 2020.
Categories: Insurance Law