Regulatory Alerts2022-06-02
Regulation No. 46/2022 Governing Change in Shareholding, Amalgamation and Portfolio Transfer of Insurers and Reinsurers
The National Bank of Rwanda, acting as the Supervisory Authority, issued Regulation No. 46/2022 to establish authorization requirements for shareholding changes, portfolio transfers, amalgamations, and demutualizations in licensed insurers and reinsurers. The regulation mandates prior supervisory approval for any increase, acquisition, or transfer of significant (≥5%) or controlling interests, while imposing a 25% direct or indirect shareholding cap on natural persons and related corporate entities unless specifically exempted. It further details fit-and-proper criteria, pre-approval assessments, post-transaction compliance obligations, and enforcement penalties to ensure the orderly transfer of insurance business.
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