How to Buy


Brokers are seperate businesses that have signed an agreement with Botswana Life to market its products. However, Brokers represent the client and may place business with different insurers depending on the need of the client.

Brokers employ agents (also known as consultants or financial advisors) who educate and advise clients and prospective clients on the services and products (life insurance, investment, funeral benefits etc) offered by the Principal, being Botswana Life. Brokers and agencies have Principal Officers who ensure compliance with regulations of the Insurance Industry.

These agents undergo rigorous training on life insurance before they can give advice to clients. They have to sit for insurance examinations and pass. The minimum insurance qualification required is Certificate of proficiency (CoP). 

The agents also have to undergo product training and sit for product knowledge examinations. These examinations are very stringent to ensure that only qualified agents give advice to clients.

After passing all the examinations (CoP and Product knowledge), a license is sought from the Non-Bank Financial Institutions Regulatory Authority (NBFIRA). This licensing is critical and all brokers and agencies have to comply with this requirement. The Principal Officers of agencies and brokers are responsible for liaising with NBFIRA to ensure that the entities (i.e brokerages and agencies), the Principal Officers and agents/consultants are licensed and licenses are valid at all times.

Once all requirements have been met, then agents may provide service to clients on Insurance policies.


Requirements for Registration of an Insurance Agent

An insurance agent seeking registration shall satisfy the Registrar that:

If you are an individual, you must:

  • Be a resident of Botswana.
  • Have attained the age of 21.
  • Have not been convicted in any court of an offence involving dishonesty or any other crime of a serious nature.
  • Have not been adjudged insolvent or bankrupt, unless you have subsequently been rehabilitated or discharged.
  • Have the Certificate of Proficiency (or its equivalent) in the relevant class of insurance.

For further information and job opportunities in this exciting industry, contact Botswana Life Insurance Limited or one of our supporting brokers or agencies.

If a limited liability company wishes to sell life insurance, it must be:

  • A company incorporated in Botswana under the Companies Act.
  • Deemed by the Registrar to be resident in Botswana.

If you are interested in registering an agency or brokerage, you will need to contact the Ministry of Finance and Development Planning for an interview and to collect the relevant application forms. A completed application form is then submitted to NBIFRA with certified copies of the following documents:

  • Certificate of Incorporation
  • Company’s memorandum and articles of association
  • Agency agreement with the principal office
  • Evidence of insurance qualifications and experience of the principal officer, minimum COP (or its equivalent)
  • Passport-size photograph of the Principal Officer
  • Identification document, which shows a photograph of the principal officer
  • Certified copies of work and residence permits are required for all non-citizens, before registration is approved.

The Fees Payable for Registration

The registration and annual renewal fees are as follows, respectively:

  • For individuals - P100 and P50
  • For Corporate Agents - P500 and P250
  • For Sub-Agents - P20 for registration and for each annual renewal

If an application is approved, a Certificate of Registration will be issued. Failure to renew the license by the stipulated due date will render the agent liable to a fine of P1,000 if it is an individual; or P1,000 per Director, Manager, Principal Officer or controller, if it is a limited company or partnership.

The Insurance Industry Act

Act 21,1987 – An Act to make provision relating to the carrying on of insurance business and other matters connected therewith.

The above Act governs the industry and details the legal framework within which all persons and companies within the industry must comply with.