Regulatory Alerts2023-06-14
Regulation No. 67/2023 relating to underwriting of large risks and market capacity facilitation
The National Bank of Rwanda issued Regulation No. 67/2023 to establish requirements for underwriting large risks and facilitate market capacity for foreign insurers. The regulation mandates that local insurers exhaust domestic capacity through coinsurance arrangements before externalizing risks, while explicitly prohibiting fronting and certain bundling or repackaging practices. It further outlines eligibility criteria, application procedures, and supervisory oversight for foreign insurers and insurance brokers seeking market capacity facilitation.
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