Regulatory Alerts2024-09-17
Directive No. 2310/2019 on Bancassurance Business
The National Bank of Rwanda issues this directive to establish a comprehensive regulatory framework enabling banks and microfinance institutions to operate as bancassurance agents. It mandates specific authorization procedures, fit-and-proper principal officers, clear bancassurance agreements, and strict operational obligations including premium remittance within 24 hours and compliance with know-your-customer rules. The directive further ensures consumer protection through transparent pricing, complaint settlement within seven days, and centralized enforcement powers allowing the Central Bank to suspend or revoke authorizations for non-compliance.
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