Microinsurance new regulations under consideration

The Insurance Regulatory Authority (IRA) intends to attribute a specific regulatory to microinsurance activity.

Microinsurance is currently subject to the regulation of insurance and considered a branch of it. The new regulations are designed with less stringent conditions, to accelerate the development of this sector in the country.

Companies wanting to offer microinsurance products will raise a capital of 560 000 USD to register.

Note that companies already operating in the sector will create a separate entity for this activity and will have three years to comply with the new rules.