Foreign shareholding in an insurance company is restricted. At least 25% of the shares of an insurance company shall be held by citizens of Eswatini or other legal entities majority-owned (51% or more) owned by citizens of Eswatini. 
"Interpretation
2. (1) In this Act, unless the context otherwise requires: [...]
"domestic insurer" means an insurer registered in terms of this Act;[...]
"foreign insurer" means an insurer other than a domestic insurer;[...]
"insurance agent" means a person who is neither an insurance broker, nor an employee of an insurer, underwriter or insurance broker and who undertakes the selling or servicing of any kind of insurance business on behalf of such an insurance company underwriter or insurance broker;[...]
"insurance broker" means a person, other than an employee of an insurer, who is not an insurance agent, and who, on behalf of any other person, negotiates insurance business including reinsurance as his principal business; 
[...]
PART II - TRANSITIONAL PROVISIONS AND REGISTRATION OF INSURERS
Prohibition of unregistered insurers
3. (1) After the expiry of a period of 12 months from the commencement of this Act no person shall carry on insurance business in the Kingdom of Swaziland unless he has been registered as an insurer in terms of section 4 or section 6 of this Act.
[...]
Transitional measures concerning current insurance business
4. (1) The Swaziland Royal Insurance Corporation established in terms of the Swaziland Royal Insurance Corporation Order, 1973 shall, for purposes of this Act, be regarded as being a registered insurer and shall, within a period of 12 months after the commencement of this Act, be registered as an insurer by the Registrar and be issued with a certificate of registration. [...]
(4) A person, other than the Swaziland Royal Insurance Corporation, who was carrying on insurance business in Swaziland immediately before the commencement of this Act, whether lawfully or unlawfully, shall within 3 months of such commencement submit to the Registrar a scheme for the transfer of his business to a domestic who is either: (a) a domestic insurer registered in terms of this Act; or (b) a domestic insurer which is a subsidiary company of a foreign insurer incorporated in Swaziland and which has been registered in terms of this Act.
[...]
Contracts with foreign insurers prohibited
5. (1) After the commencement of this Act, no person shall enter into a contract of insurance with any foreign insurer except as allowed for in terms of this Act. 
[...]
Registration of insurers
6. (1) A person wishing to conduct insurance business in Swaziland after the commencement of this Act and who has been registered in terms of the Companies Act shall apply for registration as an insurer in terms of regulation 1 of this Act. [...]
(4) The Registrar shall refuse to register a company as an insurer if the conditions of Section 7 or any other request that he may have made in terms of subsection (3) have not been fulfilled. 
[...]
Qualifying requirements for registration as an insurer
7. (1) Only a public company may apply for registration as an insurer. [...]
(5) At least 25% of the issued shares of the company contemplated in subsection 7(1) shall be held by a person who:
(a) if he is a natural person, is a Citizen of Swaziland;
(b) if he is a juristic person, then: (i) at least 51% of the issued voting share of that person is owned by a person who is a Citizen of Swaziland; (ii) at least 51% of the interest in that person is owned by a person who is a Citizen of Swaziland; or (iii) where the person is a retirement fund, at least 51% of its members must be Citizens of Swaziland.
(c) if an association of persons established for the mutual benefit of its members only, at least 80% of its members must be Citizens of Swaziland and the aforementioned members must have a claim to at least 51% of the association assets.
(6) At least 25% of the directors of the company contemplated in subsection 7(1) shall be Citizens of Swaziland.
[...]
PART III - TRANSITIONAL PROVISIONS AND REGISTRATIONS OF INTERMEDIARIES [...]
Application for licence to carry on the business of an insurance broker
15. (1) Any person wishing to carry on the business of an insurance broker after the expiry of a period of 12 months from the commencement of this Act must apply for a licence to conduct such business in terms of the regulations.
[...]
Qualifying requirements for registration as a broker
17. (1) After the expiry of a period of 12 months from the commencement of this Act any person who was lawfully carrying on the business of an insurance broker at the commencement of this Act may continue his operations provided that he has applied for and is granted a licence in terms of section 15.
(2) Any person who applies for registration as a broker and who commenced operations after the commencement of this Act shall:
(a) if it is not a public company, be wholly owned by one or more citizens of Swaziland; or
(b) if it is a public company at least 51% of the interest in the company is owned by one or more citizens of Swaziland or a person registered in Swaziland where: (i) if the person is a public company then at least 51% of the interest in that person is owned by citizens of Swaziland; or, (ii) if the person is any other business or organisation, citizens of Swaziland have a claim to at least 80% of the person’s assets. 
[...]
Registration and operation of insurance agents
19. (1) A person shall not be registered an insurance agent unless that person is a Swazi citizen. [...]" (INSURANCE ACT, 2005)
INSURANCE ACT, 2005
[<a href="https://www.fsra.co.sz/legal/legislation/TheInsuranceAct2005.pdf">Act</a>]