Government is planning to audit insurance firms in the country.

The development will help the central bank come up with regulations that will put Rwandan insurers in a more competitive position in the region.

"The industry has been operating in a way which is difficult to regulate, the audit will help us know who operates what,” said François Kanimba, the National Bank of Rwanda Governor.

The audit to be carried out by a consultancy firm is planned to be made public by January next year.

This is the time a new law governing the sector is also expected to be finalised.

According to the governor, the objective of audit is to identify financial healthy of each company, a move that will help to draw a baseline for Central bank’s supervision of the sector.

The current law of 1975 is described as archaic and does not measure up to the industry dynamics.

If enacted, the law will enforce professionalism, accountability and discipline in the insurance sector.

According to the recent monetary policy report by the central bank, financial services, tourism transport and communications are the main drivers of the services sector.

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