Regulatory Alerts2019-01-01
FRA Board Decision No. 166 of 2019 Amending Decision No. 16 of 2019 on Standard Group Microinsurance Contracts
The Financial Regulatory Authority (FRA) issued Decision No. 166 of 2019 to amend the standard group microinsurance contract template for microfinance beneficiaries. The decision mandates that life and property/liability insurance companies adjust their operations to comply with the new regulations within six months. It establishes specific coverage terms, premium calculation methods, and claim procedures for microfinance clients provided by eligible lending institutions.
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