Who regulates insurance in Malawi? RBM Registrar

Short answerChecked 31 October 2026

Insurance in Malawi is regulated by the Registrar of Financial Institutions, who is the Governor of the Reserve Bank of Malawi (Financial Services Act, Cap. 44:05, section 8). The main law is the Insurance Act, Cap. 47:01 (Act 9 of 2010, in force since 1 October 2010), applied together with the Financial Services Act. The Reserve Bank's Pensions and Insurance Supervision Department, set up on 1 July 2010, supervises general and life insurers, reinsurers, brokers, agents and loss assessors. The Registrar issues directives — on claims (2014), classes of business (2017), disclosure (2018), complaints and fair treatment (2024) — and in 2026 on bancassurance and corporate governance.

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Answers come from the law, the regulator and the insurers' own documents, with the source under each answer. General information, not advice.

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On this page · 6 sections

The Registrar and the Reserve Bank
The Insurance Act in brief
Directives that protect policyholders
Contacting the Registrar
FAQ
Sources

The Registrar and the Reserve Bank

Section 8 of the Financial Services Act: the Registrar is "the regulatory and supervisory authority for the financial services industry", and the Governor of the Reserve Bank is the Registrar; he may delegate supervisory functions to Reserve Bank staff (section 20).

The Reserve Bank's Pensions and Insurance Supervision Department was established on 1 July 2010. It monitors insurers through quarterly financial statements and on-site examinations, and its stated objectives include "to empower and protect pension and insurance consumers by providing complaint redress mechanism".

The Insurance Act in brief

Insurance Act, Cap. 47:01	What it says
Section 6	Two categories: life insurance and general insurance; the Registrar divides them into classes by directive.
Section 7	No one may carry on insurance business without a licence in that category.
Section 15	An insurer has a principal office and a principal officer in Malawi.
Section 18	No insurance business, other than reinsurance, may be placed outside Malawi without the Registrar's written approval.
Part V to Part IX	Brokers, agents for brokers, insurance agents, loss assessors and claim settling agents must be licensed.
Section 58	The Registrar may not approve the winding-up of an insurer until all policyholders' benefits are paid, or the policyholders are transferred to another insurer.

Text: Insurance Act, assented 8 January 2010, in force 1 October 2010, MalawiLII consolidated version of 31 December 2014.

Directives that protect policyholders

Insurance (Claims Management) Directive, 2014: claim deadlines and fines — see insurance claims.
Classes of Insurance Business Directive, 2017: the classes each insurer may be licensed for.
Disclosure Requirements for Insurance Services Directive, 2018: the key facts statement and the 10-working-day cooling-off for life policies — see your rights as a policyholder.
Complaints Handling Directive, 2024 and Fair Treatment of Consumers Directive, 2024: complaint deadlines, plain contracts in English or Chichewa — see how to complain.
Guideline on pricing of motor insurance products, 2025.
Insurance (Authorization and Operations of Bancassurance Agents) Directive, 2026 and Insurance (Corporate Governance Requirements for Insurers and Insurance Brokers) Directive, 2026 — listed on the Reserve Bank's directives page.

Contacting the Registrar

Complaints: hotline 80 008 444 (MTL lines), switchboard 01 820 299 / 444, complaints-handling@rbm.mw, Consumer Protection and Financial Literacy Unit, Reserve Bank of Malawi, 10 Hannover Avenue, P.O. Box 565, Blantyre (RBM). Licence applications go to the Registrar of Financial Institutions, Reserve Bank of Malawi, P.O. Box 30063, Capital City, Lilongwe 3 (licensing guidelines).

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Frequently asked questions

Who regulates insurance companies in Malawi?

The Registrar of Financial Institutions, who is the Governor of the Reserve Bank of Malawi (Financial Services Act, section 8), under the Insurance Act 2010 and the Financial Services Act 2010.

Is there an Insurance Regulatory Authority in Malawi?

No separate authority: insurance is supervised by the Reserve Bank of Malawi's Pensions and Insurance Supervision Department on behalf of the Registrar of Financial Institutions.

When did the Insurance Act come into force in Malawi?

On 1 October 2010 (Act 9 of 2010, assented to on 8 January 2010), now Chapter 47:01 of the Laws of Malawi.