Ethiopian insurance law pdf

Under the ethiopian commercial code cumulative insurance means where several insurers insure the same object against the same risk. Insurance is a contract in which one party the insured pays money called a premium and the other party promises to reimburse the first for certain types. Provides more than 30 types of non life insurance policies. In january 1976, the insurance companies operating in ethiopia were nationalized and fused into an inclusive national insurance organization, the ethiopian insurance corp. Ethiopian organizations are required by law to obtain their insurance polices from these ethiopian companies. Type of insurance companies operating in ethiopia the practice of insurance service in its modern sense is a recent phenomenon which is said only to have been started in the early 1920s. Pdf ethiopias new financial sector and its regulation.

Types of insurance in ethiopia insurance top lists. Except as otherwise provided by law, gain obtained as a result of reevaluation of assets shall not be basis for. There are, currently, less than 10 government owned and private insurance companies in ethiopia. Thus, basic features of law, sources of law in general and the sources of ethiopian law are covered. Ethiopian insurance lawyer, ethiopian bank lawyer, ethiopian tax. The derg borrowed its ideology from competing marxist parties, all of which arose from the student movement. Mezgebe mihretu ethiopian development research institute. Bottomry was also practiced by the hindus in 600 bce and was well understood in ancient greece as early as the 4th century bce. A complete and easy access to ethiopian legal information.

National policy principles and objectives national policy principles and objectives. Requirements for the formation of reinsurance companies under ethiopian insurance law. If you dont see any interesting for you, use our search form on bottom v. Historical development, present status and future challenges explores the historical trajectories, thoroughly examines its emergence and the tortuous path it has gone through ever since the inception of insurance. National policy principles and objectives ethiopia. Research report 22 the ethiopian insurance industry and.

There has hardly ever been any work in insurance business in ethiopia that delved into the historical and factual aspects of the industry. Its important to get the right level of ethiopia insurance before you travel or begin operations there. Socalled bottomry contracts were known to merchants of babylon as early as 40003000 bce. Seven private insurance companies opened between 1994 and 1997. Non life insurance policies are used to cover property and liability risks. Insurance insurance historical development of insurance. United, africa, nile, nyala, awash, national, and global. Insurance activities article 2 insurance activities include insurance, coinsurance and reinsurance, as well as activities directly related to insurance.

Mezgebe mihretu ethiopian development research institute addis ababa, ethiopia. Therefore, the user of this guide required to refer to the customs proclamation and other customs related laws and regulations for obtaining legally binding information. On this page you can read or download ethiopian insurance law commercial code 1960 in pdf format. The current state of ethiopian financial sector and its regulation. Deposit has the meaning determined in the law on deposit insurance. Ethiopian financial sector must be open for competition for reasons other than the wto accession. Insurance law is the practice of law surrounding insurance, including insurance policies and claims.

Insurance i n ethiopia historical development, present status and future challenges hailu zeleke august 2007. Ethiopia s new financial sector and its regulation. Ethiopian insurance law pdf free download as pdf file. Insurance in ethiopia historical development, present. Most them, especially the private insurance companies. According to hailu zeleke 2007, the first significant event that the ethiopian insurance market observation was the issuance of proclamation no. However, integration in this sector is more sensitive than others due to the adverse effects it would have if risks of integration materialise. Failure to meet the formality requirements provided in the law. The commercial code proclamation of 1960 conquering lion of the tribe of judah haile selassie i elect of god, emperor of ethiopia whereas the progress of ol. Law of banking, negotiable instruments and insurance prepared by fasil alemayehu and merhatbeb teklemedhn 4 this material heavily depends on the commercial code of ethiopia, which is the main law governing these areas. In order to understand insurance law, it is useful to understand insurance first. Insurance historical development of insurance britannica. Insurance companies prior to the issuance of the first insurance proclamation 53. In line with this the paper tries to analyze the trends of financial development, the mode of liberalization and type of regulation and supervision in ethiopia financial sector.

Implementation challenges of the social protection system in ethiopia december 2014 washington, d. Ethiopia, by the ethiopian investment authority eia and the ethiopian commission on science and technology ecst. Intertribal conflict, border disputes, poor infrastructure and healthcare can present problems. In 1975 all insurers were nationalized by the communist government and the ethiopian insurance corporation eic was. Ethiopian insurance law archives ethiopian legal brief. Ethiopian insurance corporation eic was established by proclamation no. Law of banking, negotiable instruments and insurance. Basic categories of insurances under ethiopian law. The thesis will thus examine the differences and similarities between the rules of corporate governance of germany and ethiopia by focusing on the three important organs of public corporations. The ethiopian insurance industry after proclamation 861994 7. Any ethiopia insurance plan needs to take this into account and may need to include specialist cover for high risks areas. Basic provisions subject of the law article 1 this law regulates insurance conditions and methods as well as supervision of insurance activities.

One of them, the ethiopian peoples revolutionary party eprp, believed so strongly in civilian rule that it undertook urban guerrilla war against the military rulers, and anarchy ensued in the following years. Then it analyses the performance in relation to relevant statistics and considerations regarding the financing of employment injury insurance. Basic categories of insurances under ethiopian law fikadu and. Now, therefore, in accordance with article 551 of the constitution of the federal democratic republic of ethiopia it is hereby proclaimed as follows. The monetary and banking proclamation no 831994, the licensing and. The requirements to carry on insurance business in ethiopia by abrham yohannes on september, 2011 4 comments taken from law of banking, negotiable instruments and insurance prepare by fasil alemayehu and merhatbeb teklemedhn sponsoredby justice justice and legal system research institute the requirements to carry on insurance. For those reasons government intervention rate in the ethiopian financial system is one of the highest 425. Eic and other ethiopian companies provide transit, marine, erection allrisks, contractors allrisks, workmens compensation etc. Business proclamations and regulations ethiopian insurance companies have until the 31st of december 20 to collect outstanding premiums or set aside a 100 percent provision for premium debts according to a draft directive distributed by the national bank. Ethiopian legal information portal find laws, cases.

The less rewarding trend of insurance regulations in ethiopia. Types of insurance in ethiopia insurance is a way of protecting oneself from financial loss. Ethiopian insurance law pdf insurance ethiopia scribd. Fikadu asfaw and associates law office is a fullfledged corporate and commercial law firm in addis ababa, ethiopia with highly professional attorneys providing legal advice and services to clients throughout the surrounding areas of ethiopia as well as all around the world. Whereas, social health insurance is one of the sustainable health care financing mechanisms which enhances equitable access to improved health services through cross subsidization. Any organ of government shall, in the implementation of the constitution, other laws and public policies, be guided by the principles and objectives specified under this chapter. It can be broadly broken into three categories regulation of the business of insurance. Insurance law fikadu asfaw and associates law office. Senior police officers enhance knowledge on humanitarian principles ethiopia. Insurance in some form is as old as historical society. Insurance handbook insurance information institute. Council arise to reform antiterrorism, media law ethiopia. Ethiopian insurance sector and its contribution to.

It is a kind of risk management in which one pays a premium fee to the insurer which can be the state, a bank, or any other designated financial institution in order to receive a. Insurance against damages or property protects the insured against loss caused by direct physical damage to real and personal property. Implementation challenges of the social protection system. The ethiopian insurance industry and the reinsurance business legal environment. Revises its policies regularly and produces new policies based on the countrys current economic development and the demand.