CIMA Zone: unpaid premiums shall be settled before December 31, 2014

The Conférence Interafricaine des Marchés d’Assurance, (CIMA) has required insurers to clear all outstanding premiums no later than 31 December 2014.

This decision follows the issuance of July 22, 2011 circular, which provided all CIMA zone insurance companies with a three-year period to settle their outstanding premiums.

While many Cameroonian insurers are likely to be strained by this measure, Central African Republic insurers will be granted an additional year to comply with this directive in view of the unstable political and economic situation prevailing there.