Whereas, promoting strong and viable sector in Ethiopia is crucial for macroeconomic stability and growth;

Whereas, proper licensing and supervision of the insurance system is important to ensure the safety and soundness of the sector;

Whereas, establishing clear, objective and transparent requirements for licensing and renewal is essential to promote the sector;

Now, therefore, in accordance with, Articles 4(1), 4(4) and 58(2) Insurance Business Proclamation No. 746/2012; the National Bank of Ethiopia hereby issues these directives.