Regulatory AlertsGuideline on No-Premium No-Cover
The Central Bank of The Gambia mandates a strict "no premium, no cover" principle requiring insurers to provide coverage only after premium receipt and imposing penalties up to D25,000 plus license suspension for unauthorized coverage. Insurance brokers and lead insurers must notify insurers within 72 hours of receiving premiums and remit funds within 30 days, facing daily penalties and potential license cancellation for defaults. The guideline requires quarterly premium returns to the Bank, mandates penalty disclosure in annual financial statements, and takes immediate effect.
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