The National Bank of Rwanda (BNR), on Friday, March 5, warned the public against insurance services provided by Health People Group, citing the lack of legal status in the country.

The central bank Governor, John Rwangombwa, said in a statement posted on Twitter that the firm has not been licensed by the institution and that people will only seek the firm’s services at their own risk.

"Information available to BNR, the insurance regulator, indicates that a company by name of Health People Group (HPG) has been purporting to provide insurance services, notably medical insurance, and other insurance products both to groups of individuals and other legal entities through partnership with different stakeholders including different medical service providers,” reads part of the statement.

"Health People Group has not been licensed by the BNR yet insurance is a regulated and supervised business.”

According to central bank, law no 52/2008 of 10/09/2008 governing the organization of insurance business prohibits any person from carrying out any insurance services on the territory of Rwanda without the required license.

"In accordance with the aforementioned laws and against established facts, BNR takes this opportunity to warn the public that Health People Group is not a licensed insurance, as such anyone that deals with it, does so at their own risk.”

Consequently, the institution reiterated that the public is reminded to only deal with licensed financial service providers, notably insurance companies, insurance brokers, pension schemes, banks, microfinance institutions, payment system providers, forex bureaus, and remittance companies, among others.

This is a developing story…