Reserve Bank of Malawi (RBM) has moved in to strengthen its supervisory role in the insurance industry by launching a new supervisory tool called Risk Based Supervision-RBS framework.
According to the RBM Governor Wilson Banda, the framework is crucial as it will allow the Registrar to efficiently and effectively oversee insurance companies.
The new framework, which looks at planning and checking risks management, is an improvement from the previous one which centered on compliance.
