New regulations for life and credit insurance

In order to reinforce long-term savings capacity - life insurance and credit insurance representing respectively only 8.5% and 3% of companies' turnover - decision was reached to:

  • Authorize the National Postal Bureau (ONP) to sell life insurance products. With a network of 1 052 offices throughout the country and a turnover of 84 million USD, ONP manages 2.24 million savings accounts for an amount of 0.88 million USD, with a 9% increase per year.
  • Exonerate the income tax of life annuities paid on individual and collective life insurance contracts.
  • Authorize banks to sell life, farm and export insurance. The service may later extend to other insurance products.
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