Regulatory Alerts2018-01-01
Decision of the Board of Directors of the Authority No. 107 of 2018
The General Authority for Financial Supervision (GAFI) issued Decision No. 107 of 2018 to establish regulatory conditions for licensed microfinance companies, associations, and civil society institutions seeking to electronically distribute microinsurance documents. The decision mandates that applicants submit a formal request with specific supporting documents, including an approved insurance contract, distribution channel list, trained personnel details, and applicable fees, while ensuring compliance with reporting obligations and prior disciplinary records. Approved entities must adhere to quarterly reporting, customer protection standards, and exclusivity clauses, and are granted a three-month grace period to fully regularize their operational status under the new framework.