Regulatory Alerts2026-01-09
Directive No 44/2026 Implementing Risk-Based Capital Requirements for Insurers
The National Bank of Rwanda issued Directive No 44/2026 to implement Regulation No 88/2024 by establishing standardized methodologies for calculating risk-based capital requirements and the Capital Adequacy Ratio. Insurers must maintain a minimum capital adequacy ratio of 100 percent and a prescribed threshold of 150 percent while computing capital charges for credit, market, insurance, and operational risks using specified valuation bases and stress scenarios. The directive mandates quarterly capital reporting, consistent asset and liability valuations under International Financial Reporting Standards, and continuous stress-testing alongside Own Risk and Solvency Assessments.
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