Insurance Broker License Application (NBFIRA)

✅ What’s Included in Our Service:

We guide you through the complete licensing process, including preparation and submission of all required documents:

1. Company Requirements

• Certificate of Incorporation
• Company Constitution / Memorandum & Articles of Association
• Notice of Issue of Shares (Form 8)
• Share Certificates
• Director/Secretary Consent & Certificates (Form 2B)
• Proof of Business Address (Lease/Utility Bill)
• Appointment of Auditors with practicing certificate

2. Capital Requirements

• Minimum capital compliance (≥ P100,000 or as per NBFIRA requirement)
• Auditor certification of capital

3. Controller & Management Requirements

• All controllers, directors, and managers must be resident in Botswana
• Principal Officer with minimum Associate-level Insurance qualification & 5 years’ experience
• Certified ID copies, CVs, qualifications, police clearance, AML/CFT Compliance Officer appointment

4. Other Regulatory Requirements

• Letters from at least 2 insurers willing to do business with the broker
• Anti-Money Laundering & Counter-Terrorism Financing (AML/CFT) policy
• Security Guarantee (from insurers/banks) – minimum P100,000 or 30% of premiums
• Professional Indemnity (PI) cover – minimum P1 million
• Fidelity Guarantee cover (optional)
• Dedicated Trust Account for premium collections
• Disaster Recovery Plan
• 3-year Business Plan with projections

5. Application & Fees

• Completion and filing of NBFIRA Form 4 on the RBSS portal
• Compilation of hard copy submissions to NBFIRA offices
• Payment of non-refundable application fee of P5,500 to NBFIRA

6. Annual Renewal Support

• Assistance with annual renewal (Form 7)
• Updating organisational structure & auditor confirmations
• Renewal fee (P3,300) and supervisory levy submissions