Regulatory Alerts2017-05-19
Regulation No. 10/2017 on Key Facts Statements and Information Disclosure for Insurance Products
The National Bank of Rwanda issued Regulation No. 10/2017, mandating insurers and insurance intermediaries to provide consumers with standardized Key Facts Statements detailing key terms, conditions, fees, and charges. The regulation specifies that these statements must be concise, presented in up to three pages using prescribed fonts and official languages, and delivered on durable media prior to policy issuance. By enforcing transparent disclosure, fair treatment of consumers, and record-keeping obligations, the Central Bank empowers informed purchasing decisions while granting itself supervisory powers to impose pecuniary sanctions for non-compliance.
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