The Central Bank of South Sudan (BOSS) has issued a circular that places all insurance companies and related institutions under its sole regulatory authority, with effect from 8 September 2025.
The circular sets out the licensing framework for the insurance industry, requiring that no entity may operate, advertise, or underwrite insurance business in South Sudan without a valid licence issued by BOSS. The central bank will now regulate, license and supervise all insurers, brokers, agents and related service providers, reported Jakony Media Agency.
The circular includes definitions of actuaries, insurance agents, brokers, loss adjusters, insured persons, and insurers. It also explains common types of policies, such as life insurance and third party insurance, and introduces provisions covering reinsurance and premium payments.
The scope of the circular applies to a wide range of entities, including insurance and reinsurance companies, brokers, agents, and medical insurance providers. The stated objective is to create a “vibrant and competitive” financial sector by developing a fair, safe, and stable insurance industry.
Licensing requirements
Licensing conditions have been tightened, with both local and foreign companies expected to meet strict financial and governance requirements. The circular states that capital requirements are set at $2.5m for local insurance companies and $5m for foreign companies.
Applicants must also present a business plan with five-year financial projections, audited accounts for at least three years if already operational, and proof of integrity and competence of their directors and senior management. Certificates of Good Conduct from relevant authorities are mandatory for all company leaders.
Transitional arrangements require all existing insurance companies to apply for licences within one month of the circular’s issue. Failure to do so will result in the loss of the right to operate in South Sudan.
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