Regulatory Alerts2017-10-12
Directive No. 04/2017 on Countering Fraud in the Insurance Industry
The National Bank of Rwanda mandates all licensed insurers to implement board-approved anti-fraud policies and establish independent, qualified investigation functions capable of detecting and reporting fraudulent activities. Insurers must enforce strict commission and premium collection controls, maintain confidential whistleblowing mechanisms, and report identified fraud cases to the Central Bank within fifteen days of each reference quarter. Non-compliant entities face regulatory sanctions, with a six-month transitional period granted for initial policy and function implementation.
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