Regulatory Alerts2023-04-25
Regulation No. 66/2023 on Licensing Conditions for Insurers and Reinsurers
The National Bank of Rwanda issued Regulation No. 66/2023 to establish comprehensive licensing requirements and procedures for insurers, reinsurers, Health Maintenance Organizations (HMO), captive insurers, mutual insurers, and foreign reinsurer representative offices. The regulation mandates specific minimum capital thresholds, fit-and-proper qualifications for key management roles, and standardized application processes to ensure a stable insurance market. It further details licensing fees, supervisory charges, transitional periods, and the permissible activities governing these licensed entities.
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