CIMA zone, the reinsurance activity is henceforth regulated

Meeting in Bamako on April 9, 2015, the ministers in charge of the insurance sector of the member States of the CIMA (Inter-African Conference of Insurance Markets) adopted new regulations governing the reinsurance activities.

The CIMA Code will be amended. The amendments relate to Book III concerning companies and Book VIII, governing reinsurance.
The new version of Book VIII regulates the life of reinsurance companies from the beginning to the end of their activities, setting , among others, the minimum capital requirement, the terms of liquidation and those relating to the appointment of managers.

Henceforth, the minimum capital of a reinsurance company resident in a member State of the CIMA zone is 10 billion FCFA (18.5 million USD). Reinsurance companies have a one-year deadline to comply with the new guidelines.

During the same meeting, the Council of Ministers mandated the Regional Commission of Insurance Control (CRCA) to encourage insurance companies to pay claims on time. You will find the entire Book VIII of the CIMA Code in our premium section*

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