Regulatory Alerts2023-06-14
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Regulation No 71/2023 of 14 June 2023 Governing the Organization of Micro-Insurance Business
Issued by the National Bank of Rwanda, Regulation No 71/2023 establishes a comprehensive regulatory framework for micro-insurance business, defining dedicated and existing insurers, agents, and policyholders. The regulation mandates specific licensing procedures, capital adequacy, technical reserving, and corporate governance standards for both specialized micro-insurers and traditional insurers offering micro-products. It introduces strict product assessment and approval processes, standardized contract requirements, claims handling mechanisms, and consumer protection measures to ensure market stability and expand financial inclusion for low-income households.
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