Regulatory Alerts2022-06-02
Regulation No 48/2022 on Administrative and Pecuniary Sanctions Applicable to Insurers
The National Bank of Rwanda issued Regulation No 48/2022 to establish a comprehensive framework of administrative and pecuniary sanctions for private and public insurers that violate insurance laws, directives, or supervisory decisions. The regulation empowers the supervisory authority to impose corrective disciplinary measures, including written warnings, operational prohibitions, dividend bans, and license revocation, while also mandating specific financial penalties detailed in the appendix for defined infringements. Insurers must remit pecuniary sanctions within ten calendar days of notification, and the regulation supersedes prior banking directives to ensure consistent enforcement and sector stability.
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