The increase of minimum share capital of CIMA Zone insurance companies stands among the main topics discussed during the 42nd general assembly of FANAF which took place from February 12 to 15, 2018 in Kigali (Rwanda).
The participants pointed to the provision deemed too difficult to be enforced. According to them, only 25% of insurance companies are able to comply with this requirement, blaming in the process the regulator not to have provided derogations for small markets like Central Africa.
For the record, in April 2016, the insurance ministerial council of CIMA Zone decided to proceed with the increase in the minimum share capital of insurance companies in the zone which went from 1 billion FCFA (1.7 million USD) up to 5 billion FCFA (8.7 million USD). Local insurers are left with a five-year period to comply with this requirement.
More news:
- The insurance industry in Rwanda [4]