SATIB Africa Botswana is insured under the SATIB Africa Global Professional Indemnity Programme.
The current local limit of indemnity is US$ 1,000,000 with an additional
US$ 9,000,000 in the Global program.
SATIB Africa Botswana is subjected to a probing and detailed annual internal audit undertaken at the insistence of the principal shareholders.This is in addition to the annual audit carried out by a recognized audit firm in Botswana (currently IAMS)
The internal audit judges the company’s performances against set minimum standards in the following areas:
- Compliance of Quality Standards as laid down by the International partners
- Standards relate to Placement of cover, confirmation thereof, compliance with market security requirements, claim settlements, follow up on claim negotiations, client compliance with policy conditions
- Credit control and reconciliation with creditors and debtors
- Compliance with statutory requirements
- Compliance with the Insurance Act of Botswana
- General Management of the Company
- Compliance with standards of record keeping
Management responds to any variance the internal audit highlights. Remedial action is agreed and the internal auditors follow up to ensure remedial action is implemented and is working