CIMA: regulation of Takaful insurance

The Inter-African Conference of Insurance Markets (CIMA) has introduced amendments to the insurance code regulating the Takaful activity in the CIMA zone.

The new text provides details on:

• the financial scheme applicable to Takaful insurance,
• its operating mode
• the insurers authorized to underwrite this class of business,
• the proposed coverages (life, non-life and capitalisation)
• the minimum required share capital, which is set at three billion FCFA (5.2 million USD)

In addition to these points, the amendments provides further clarifications of the legislative framework. Finally, the CIMA leaves it to the supervisory authority of each member country to adapt the new regulation to its market reality.