Branches of foreign insurance companies, insurance agent and broker firms are not allowed. Local incorporation is required.
"8. (1) The Regulatory Authority shall not issue a licence to carry on insurance business unless  Regulatory Authority is satisfied that -
 (a) the applicant is incorporated as a company under the Companies Act;
 (b) the company is resident in Botswana;
[...]
PART VIII - Insurance brokers, insurance agents and representatives [...]
76.(1) Subject to the provisions of this Part, a person shall not render services as an insurance broker or insurance agent unless -
(a) the person is licensed  as an insurance broker or insurance agent under this Act;
[...]
77. (1) The Regulatory Authority shall not issue a licence to carry on the business of insurance broker and insurance agent unless it is satisfied that - 
(a) the applicant is a resident of Botswana;
(b) the applicant has a principal place office in Botswana[...]" " (INSURANCE INDUSTRY ACT No. 10 of 2015)
INSURANCE INDUSTRY ACT No. 10 of 2015
[<a href="https://www.nbfira.org.bw/sites/default/files/Insurance%20Industry%20Act%202015.pdf">Act</a>]