In Rwanda, actuarial services within the insurance and pension sectors are governed by a
comprehensive legal framework designed to ensure professionalism, independence, and the
financial stability of these industries. The key legislative instruments include:RwandaLII
1. Law Governing the Organisation of Insurance Business (Law No. 30/2021):
This law outlines the foundational requirements for actuaries in the insurance sector:
• Appointment of Actuaries: Insurers are mandated to appoint actuaries from a list
published by the Supervisory Authority. The criteria for accreditation, duties, and terms
of service for actuaries are specified in accompanying regulations.
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• Investigations by Actuaries: The Supervisory Authority has the power to direct insurers
to have their appointed actuaries conduct thorough investigations into specific matters.
Alternatively, the Authority can appoint another actuary to perform such investigations,
with costs borne by the insurer. RwandaLII
• Revocation of Accreditation: If an actuary fails to fulfill their obligations or is deemed
unfit, the Supervisory Authority can revoke their approval. In such cases, the insurer
must appoint a new actuary; failure to do so allows the Authority to make the
appointment at the insurer's expense. RwandaLII
2. Regulation Governing the Accreditation and Other Requirements for Appointed Actuaries
for Insurance Business and Pension Schemes (Regulation No. 39/2021):
This regulation provides detailed guidelines on the accreditation and responsibilities of
actuaries:RwandaLII
• Accreditation Requirements: To be accredited, an actuary must:
o Be part of a registered firm or company with at least one partner who is a fully
qualified and active member of a recognized actuarial [Link]
o Demonstrate independence, avoiding conflicts of [Link]
o Possess adequate actuarial [Link]
o Maintain effective quality assurance processes. RwandaLII+1RwandaLII+1
• Application Process: Applicants must submit:RwandaLII
o An application [Link]
o Proof of payment for a non-refundable application fee of 200,000 Rwandan
[Link]
o Evidence of active membership in a recognized actuarial [Link]
o Detailed CVs and other supporting documents. RwandaLII
• Fees and Validity: Accredited actuaries are required to pay:
o An accreditation fee of 500,000 Rwandan francs upon successful application.
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o An annual fee of 500,000 Rwandan francs, payable by the last business day of
April each [Link]
o Maintain adequate professional indemnity insurance throughout the
accreditation period. RwandaLII
• Duties and Obligations: Accredited actuaries must:
o Provide independent and unbiased advice on matters affecting the financial
condition and operations of insurers or pension [Link]
o Prepare reports in line with accepted actuarial [Link]
o Disclose any violations of laws or regulations to the Supervisory Authority.
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o Report any information that may jeopardize the interests of policyholders or
scheme members. RwandaLII
• Term Limits and Independence: To prevent familiarity threats, an actuary cannot serve
more than five consecutive years with the same insurer or pension scheme and may only
be reappointed after a three-year hiatus. Additionally, actuaries must avoid roles or
relationships that could compromise their independence, such as holding shares in the
institution they serve or providing other services to it. RwandaLII
This regulatory framework ensures that actuarial services in Rwanda are conducted with high
standards of professionalism and integrity, thereby safeguarding the financial health of the
insurance and pension [Link]
Sources