The Bank of South Sudan (BoSS) has tightened rules for existing and new insurance companies seeking to operate in the country in a move it says is aimed at ensuring a safe and stable sector.
The banking regulator says in a circular dated September 8 that foreign companies seeking to set up insurance business in the country will be required to have a minimum paid up capital of $5 million or equivalent in South Sudan pounds at the prevailing exchange rate, in addition to a non-refundable application fee of $10,000 and annual license renewal fees of $5,000.
