The Botswana Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has cancelled the licence of Penrich Insurance Brokers (Proprietary) Limited under section 46(1)(c) of the Non-Bank Financial Institutions Regulatory Authority Act, 2023, barring the firm from offering insurance brokerage services. Penrich has been granted 30 days to wind down its affairs, including referring all outstanding claims to the appropriate underwriters. Existing clients are advised to deal directly with their respective underwriters and to redirect premium payments to the relevant underwriters.
Botswana Non-Bank Financial Institutions Regulatory Authority 2025-07-02
Botswana’s Non-Bank Financial Institutions Regulatory Authority cancels Penrich Insurance Brokers licence and orders 30-day wind-down
The Botswana Non-Bank Financial Institutions Regulatory Authority has revoked the licence of Penrich Insurance Brokers (Proprietary) Limited under the Non-Bank Financial Institutions Regulatory Authority Act, 2023, prohibiting it from providing insurance brokerage services. Penrich has 30 days to wind down operations, with clients advised to contact underwriters directly for claims and premium payments.