Regulations issued by council of ministers of ethiopia. Business proclamations and regulations ethiopia is to replace the money laundering and terrorism financing proclamation in effect for the last three years with a new draft legislation presented to the house of representatives this week. These directives are issued by the national bank of ethiopia pursuant to the authority vested in it by article 41 of the. Please attach me all insurance related proclamations, regulations and. Most them, especially the private insurance companies. The commercial code of 1960, as published in a separate volume ap p. Impact of ethiopia s community based health insurance on. There has hardly ever been any work in insurance business in ethiopia that delved into the historical and factual aspects of the industry. Ethiopia and the government of the republic of gabon ratification proclamation. Revises its policies regularly and produces new policies based on the countrys current economic development and the demand. Basic categories of insurances under ethiopian law fikadu. As a prelude to national coverage, in june 2011, the ethiopian. Zemen has finalised the formation process by 926 shareholders, who raised 81.
The insurance proclamation defines the primary function of the bank of ethiopia as it relates to insurance as to formulate policy to promote the business of insurance in ethiopia chapter two, section 3a. Doc history of insurance in ethiopia waqo guta academia. Definitions in this proclamation unless the context otherwise requires. A word or term in these regulations shall have the same meaning that it has in the. Insurance companies prior to the issuance of the first insurance proclamation 53 5. Short title this proclamation may be cited as the insurance business proclamation no. In the context of the ethiopian insurance industry, the licensing and supervision of insurance proclamation no. In the context of the ethiopian insurance industry, the licensing and supervision of insurance. The less rewarding trend of insurance regulations in ethiopia. Insurance in ethiopia historical development, present. 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. There are, currently, less than 10 government owned and private insurance companies in ethiopia.
Ethiopian public procurement manual hawassa finance. Jan 23, 20 ethiopia drafting money laundering law written by meron tekleberhan published on 31 december 2012 category. Ethiopian insurance corporation eic was established by proclamation no. Africa insurance company aic is a privately owned professional insurance company established in 1994 in accordance with the licensing and supervision of insurance business proclamation no. A proclamation to amend the public servants pension proclamation whereas, it has become necessary to amend the public servants pension proclamation no. Type of insurance companies operating in ethi opia the practice of insurance service in its modern sense is a recent phenomenon which is said only to have been started in the early 1920s. Ii certificate of insurance means a document issued to a vehicle owner or other person having legal obligation. Over the last decade, ethiopia s macroeconomic performance has been impressive, with an average economic growth rate. Republic of ethiopia, it is hereby proclaimed as follows. Universal health coverage for inclusive and country. Under the ethiopian licensing and supervision of insurance business proclamation no.
The rise of domestic insurance companies, the 1960s 49 charter 5. Historical development, present status and future challenges explores the historical trajectories, thoroughly examines its emergence and the tortuous path it has gone through ever since the inception of insurance. Now, theefore, in accordance with article 55 i of the constitution of the federal democratic republic of ethiopia, it is hereby proclaimed as follows. But this proclamation strictly prohibited foreign insurers from. List of proclamations and regulations enacted in the. Overview ethiopia is the second most populous country in africa, with an estimated population of 90 million in 201445 percent of whom are under the age of 15. The new proclamation is intended to boost export oriented business. Accordingly, the proclamation states that refund will be allowed if the authority is satisfied that excisable goods manufactured in ethiopia or imported into ethiopia. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no861994 and license no 00695. Foreign insurance companies operating insurance business in ethiopia through agents in 1954 265 ii. The new law is designed to enact mechanism more severe than the ones in place at this time to control financial. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no861994 and license no.
Mandate of insurance supervisor also to promote insurance business. Foreign insurance companies operating insurance business in ethiopia prior to the enactment of the 1970 insurance proclamation 267 iii. Licensing and supervision of insurance business ethiopian legal. Research report 22 the ethiopian insurance industry and. An altercation between ethiopian federal police officers has led to a shooting incident at the premises of the central statistics agency. House approves revised vat proclamation ethiopian news. With respect to the legal and regulatory issue, according to zeleke 2007, in ethiopia, there were no insurance laws and a supervisory body put in place until the issuance of the commercial code in 1960 and the first insurance proclamation, proclamation no. Thus, for example, the insurance proclamation does not currently allow cooperatives to write insurance the only institutional entity able to register as an insurance company is a share company. Opportunities and challenges for microinsurance in ethiopia.
Type of insurance companies operating in ethiopia the practice of insurance service in its modern sense is a recent phenomenon which is said only to have been started in the early 1920s. Now, therefore, in accordance with article 551 of the constitution of the federal democratic republic of ethiopia, it is hereby proclaimed as follows. Community based health insurance cbhi schemes in many developing countries emanates partly from a need to provide financial protection against unexpected health care costs and to enhance access to modern health care. Market power and competitiveness of ethiopian insurance industry and submitted in partial fulfillment of. Whereas, it has been found necessary to have a system, that enables to protect.
The 18th insurance firm, zemen, is in the last stage of joining the insurance industry, only waiting for final approval from the national bank of ethiopia. Program management and support, funding for the cbhi pilot evaluation, and printing of this evaluation report. C is one of the pioneer private insurers established on april, 1995 with a capital of birr 12. Old ethiopian newspapers berhanena selam proclamation no. The draft is significant overhaul of the active insurance directive in ethiopia, the insurance proclamation of 1994. Basic categories of insurances under ethiopian law. If youre looking for a free download links of insurance practice and marketing. The company has a legal entity registered with the licensing and supervisory body of the national bank of ethiopia in accordance with proclamation no. Insurance in ethiopia historical development, present status. The interagency group for child mortality estimation reported that ethiopia has achieved millennium development goal mdg 4, three years ahead of target, with under5 mortality at 68. Ethiopia intercepts trafficking of over 880 nationals.
House approves revised vat proclamation ethiopian news agency. The new proclamation indicates conditions through which a refund will be requested for excise tax paid to the authority. Ethiopian insurance corporation eic was established in 1976 by proclamation no. Consequently, it created an insurance council and an insurance controllers office, its strange impact in the sector. The first motor insurance policy was issued in 1947 by the south british and all classes of insurance cover. Addis ababa july 42019 the house of peoples representatives hpr today unanimously approved the revised proclamation on value added tax. Prior to this proclamation, the bank used to carry out dual activities, i. Non life insurance policies are used to cover property and liability risks. Provides more than 30 types of non life insurance policies. The commercial code and the maritme code of ethiopia, insurance 46 provisions 1960 charter 4. Ethiopian insurance companies have until the 31st of december 20 to collect. The first re insurance company in ethiopia best re.
Federal negarit gazeta establishment proclamation ethiopia. Evaluation of communitybased health insurance pilot schemes in ethiopia. Climate insurance and the legal framework in ethiopia. A proclamation to provide for insurance business whereas, the insurance sector plays an important role in economic development through providing insurance coverage against risks, the provision of alternative means for savings and mobilization of financial resources from within and outside the country. Dec 28, 2011 a new draft insurance proclamation has been submitted to the ethiopian cabinet. Establishment of the secretariat of the house of peoples representatives and of the house of the federation proclamation. Apr 2020 insurance companies in ethiopia latest ethiopian.
Ethiopian insurance corporation addis ababa, ethiopia. Impact of ethiopias community based health insurance on. The company is set up with fully paid up capital of 30 million ethiopian birr. As such, by avoiding the necessity to rely on potentially harmful coping responses, such as borrowing at usurious rates, health insurance schemes might protect a households economic welfare both in the short and the longrun. Business proclamations and regulations ethiopian business news. New draft insurance proclamation submitted to ethiopian cabinet. Nyala insurance share company nisco was founded in july 1995 following the liberalization of the insurance business to the private sector in 1994 with the licensing and supervision of insurance business proclamation no. Now, therefore, in accordance with article 551 of the constitution of the federal democratic republic of ethiopia it is hereby proclaimed as follows. A step on the road to universal health coverage executive summary e thiopia has been implementing communitybased health insurance cbhi schemes as pilots since 2011 with the objective of drawing lessons for eventual scaleup countrywide. Draft investment proclamation ethiopia draft excise proclamation ethiopia draft state enterprises proclamation ethiopia volume 23 cassation decisions prosperity party program. Nice is the first wholly privately owned insurance company, established in post 1994 ethiopia, to engage in general insurance business.
Mar 25, 2020 the first reinsurance company in ethiopia, ethiopian re endeavors to enhance underwriting capacity and solvency of direct insurers through providing technical support and cover against individual and accumulated catastrophic losses. List of proclamations and regulations enacted in the period. These were phoenix, caledonia, royal, south british, london, union and queensland. Visionto be a world class insurer by the year, 2025missionwe provide our customers an efficient and reliable insurance service and engage in investment activities by deploying the right mix of expertise, the state of the art technology and cost effective strategy. Profile of insurance companies in ethiopia june 30, 2005 268 iv. This category of insurance covers losses caused by accident or negligence that damages property. Dec 03, 2017 2 any person who, having been called upon by the national bank under subarticle 4 of article 3 of this proclamation, fails or refuses to submit the documents described therein shall be punished with a rigorous imprisonment from seven to ten years and with a fine from birr 50,000 to birr 100,000. This proclamation may be cited as the vehicle insurance against third party risks proclamation no. Ethiopian insurance corporation has many competitors in the insurance industry. The greate ethiopian renaissance dam, which has been provided insurance cover by eic eic donated birr 5,000,000 to mekedonia, home for the elderly and mentally disabled people eic donated birr 1. Fikadu asfaw and associates law office is a fullfledged corporate and commercial law firm in addis ababa, ethiopia with highly professional attorneys providing legal advice and services to clients throughout the surrounding areas of ethiopia as well as all around the world.
Short title this proclamation may by cited as insurance business amendment proclamation no. Insurance business the national bank of ethiopia was established in 1963 by proclamation 206 of 1963 and began operation in january 1964. This proclamation may be cted as the commercial code proclamation, 1960. A lowincome country, ethiopia has made impressive progress in improving health outcomes. Its head office is in addis ababa, ethiopia, and operates through 40 branch offices and 4 licensed contact offices located in addis ababa and different parts of the country.
The case of ethiopian insurance corporation aauetd addis. Mezgebe mihretu ethiopian development research institute. Federal negarit gazeta establishment proclamation resources. Align text of the public procurement manual with the provisions of ethiopian federal government procurement and property administration proclamation no. Ethiopia is to replace the money laundering and terrorism financing proclamation in effect for the last three years with a new draft legislation presented to the house of representatives this week.
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