SIB/64/2026 on External Auditors requires insurers to appoint external auditors through a competitive bidding process and caps how long an auditor can serve an insurance firm to two terms of three years each. Insurers can only rehire an external auditor whose term limit has passed after a cool-off period of three years. The NBE requires that members of an audit engagement team must not have been employed by the insurance company within the past three years. Insurance companies are required to obtain NBE approval for the appointment or reappointment of external auditors within 20 working days. Furthermore, insurers are prohibited from removing or replacing an external auditor without first notifying regulators.

Source: Ethiopian News March 30, 2026 14:59 UTC