Regulatory Alerts2024-10-31
Regulation No 84/2024 on Corporate Governance, Risk Management and Internal Controls Requirements for Insurance Business
The National Bank of Rwanda issues Regulation No 84/2024 to establish comprehensive corporate governance, risk management, and internal control requirements for all insurance businesses. The regulation mandates specific board compositions, director fitness criteria, and mandatory committees such as audit, risk management, and investment boards to ensure robust oversight. It further defines enterprise risk management frameworks, proportionate control functions across three insurer tiers, and strict ethical codes to maintain a stable and efficient insurance market.
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