(The Reporter) The National Bank of Ethiopia (NBE) has rolled out a new directive signed by Governor Teklewold Atnafu to set up the country’s first reinsurance company.
The announcement was made on Thursday at the headquarters of the NBE located off Sudan Street. The directive, entitled ‘Reinsurance Company Establishment Directive’, allows the establishment of a reinsurance share company and will be wholly owned by Ethiopian nationals and/or organizations wholly owned by these. Share holdings of any one person, except the government of Ethiopia or public enterprises fully owned by the government of Ethiopia, in a reinsurer shall not exceed five percent of the total subscribed capital, the directive read. Read more