Minet Botswana has assured clients that insurance claims, renewals and new business will continue as normal after the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) placed the company under statutory management on October 13.
In a public statement issued on October 15, Statutory Manager Thulisizwe Johnson said the company remained open for business and was committed to meeting its obligations to clients and insurers despite the regulatory intervention.
Johnson said statutory management was a protective measure intended to stabilise the company, protect clients and insurers, and strengthen governance, controls and compliance. He stressed that the intervention did not mean the company was closing or being liquidated.
The statutory manager has assumed responsibility for the management and operations of Minet Botswana under Section 62(1) of the NBFIRA Act and is working closely with the regulator.
Minet Botswana said clients would continue dealing with their existing account executives and service teams, while policy placements, renewals and claims support would proceed without interruption. It also pledged to continue advocating for clients in their dealings with insurers.
Protecting premiums and client money held in trust is the statutory manager’s first priority, according to the statement. The company said premiums collected on behalf of insurers were held in designated premium accounts and were being remitted under strengthened controls.
Minet Botswana further said existing binding authorities and intermediary agreements remained in force, adding that the statutory manager was engaging principal insurers as part of ongoing discussions.
The company has pledged to honour its obligations throughout the statutory management process, although the statement did not detail the specific circumstances that led to NBFIRA’s intervention.
