53rd year
Unit Price
Addis Ababa, lst February 1994
CONTENTS
Proclamation No. 86/1994
Licencing and Supervision of Insurance
Business Proclamation
PROCLAMATION No. 86/1994
A PROCLAMATION TO PROVIDE FOR THE LICENCING AND SUPERVISION OF INSURANCE BUSINESS WHEREAS, the Transitional Government of Ethiopia has adopted a new economic policy to guide the country's economic development direction ;
Now th
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WHEREAS, under the new economic policy, the involve ment and active participation of all economic sectors in economy is called for ;
WHEREAS, there is need for a new and comprehensive law to regulate the licencing operation and supervision of insu rance business and thereby enable the full participation of the sector in the economy ;
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NOW THEREFORE, in accordance with Article 9 / d of the Charter, it is hereby proclaimed as follows ;
CHAPTER ONE General
1. Short Title
This Proclamation may be cited as the " Licencing and Supervision of Insurance Business Proclamation No. 86 /
2. Definitions
In this Proclamation, unless the Context provides other Wise:
" Actuary " shall mean a person possessing the neces directive to be sary qualifications prescribed in a issued by the Bank in accordance with this Proclama tion.
The " Bank " shall mean the National Bank of Ethiopia.