| Stated Role |
In addition to the registration of members of the insurance industry, the Registrar is responsible for regulating and monitoring the conduct of these members, in terms of the Act and the Regulations. The Registrar is responsible for the formulation of standards in the conduct of insurance business in Botswana and ensures that these standards are maintained at a high level. These standards may be divided into four broad areas as follows.<P><P> <P>Licensing <P>Prudential issues <P>Market conduct <P>Corporate governance<P> <P>He also provides guidance to members of the industry, to assist in their compliance with Government policy and makes recommendations to the Minister on the development of these policies.<P>The Registrar of Insurance is required by the Act to provide the Minister with a report on the working of the Act in terms of Section 4 (3) which states, “The Registrar shall, as soon as reasonably practicable after each year ending on 31st December, <P>furnish to the Minister a report on the working of the Act during that year together with copies or summaries and documents deposited with him under Parts IV and V during that year; and the Minister shall lay the report before the National Assembly as soon as reasonably practicable thereafter”.<P> <P> |