How To Become An Agent?

Requirements for Registration of an Insurance Agent

An Insurance Agent seeking registration shall satisfy the Registrar that:

If you are an individual, you must:

• Be a resident of Botswana.
• Have attained the age of 21.
• Have not been convicted in any court of an offence involving dishonesty or any other crime of a serious nature.
• Have not been adjudged insolvent or bankrupt, unless you have subsequently been rehabilitated or discharged.
• Have the Certificate of Proficiency (or its equivalent) in the relevant class of insurance.

For further information and job opportunities in this exciting industry, contact Botswana Life Insurance Limited or one of our supporting brokers or agencies.

If a limited liability company wishes to sell life insurance, it must be:

• A company incorporated in Botswana under the Companies Act
• Deemed by the Registrar to be resident in Botswana.

If you are interested in registering an agency or brokerage you will need to contact the Ministry of Finance for an interview and to collect the relevant application forms. A completed application form is then submitted to the Registrar of Insurance with certified copies of the following documents:

• Certificate of Incorporation
• Company’s memorandum and articles of association
• Agency agreement with the principal office
• Evidence of insurance qualifications and experience of the principal officer, minimum COP (or its equivalent)
• Passport sized photograph of the principal officer
• Identification document, which shows a photograph of the principal officer
• Certified copies of work and residence permits are required for all non-citizens, before registration is approved.

The fees payable for registration

The registration and annual renewal fees are as follows, respectively:

• For individuals - P100 and P50
• For Corporate Agents - P500 and P250
• For Sub Agents - P20 for registration and for each annual renewal

If an application is approved, a Certificate of Registration willl be issued. Failure to renew the license by the stipulated due date will render the agent liable to a fine of P1000 if it is an individual, or P1000 per director, manager, principal officer or controller, if it is a limited company or partnership.

The Insurance Industry Act

Act 21,1987 – An Act to make provision relating to the carrying on of insurance business and other matters connected therewith.

The above Act governs the industry and details the legal framework within which all persons and companies within the industry must comply with.