The Inter-African Conference of the Insurance Markets (CIMA)

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On July 10, 1992, the Member States of the Franc zone signed in Yaounde a treaty instituting an integrated organization of the insurance industry in African states.
CIMA members

CIMA, which replaces the former International Conference of Insurance Control (CICA), represents the organization of the African Community. Its head office is in Libreville (Gabon).

The treaty gives CIMA all powers of supervision, except for those regarding the insurance intermediaries and the technical experts, which remain within the competence of the member states.

Organization

CIMA includes several bodies ...... and autonomous institutions
  • The Council of Ministers in charge of Insurance (CMA) guarantees the realization of the Treaty's objectives. It is CIMA's main body.
  • The Regional Commission of Insurance Control (CRCA) is the body that regulates insurance and reinsurance companies and supervises the national markets.
  • The General Secretary supervises the council and the commission and promotes collaboration with autonomous institutions.
  • The Committee of Experts acts as an advisory body.
  • The International Insurance Institute (IIA) certifies the training and delivery of diplomas in the insurance field, and coordinates the action of the national training centres.
  • The Reinsurance Common Company of Member States (CICARE).
  • National insurance departments of the Member States relay CIMA's ation at the local level.

Mission statement

  • Strengthen partnership in the insurance field
  • Develop insurance and reinsurance organisms oriented toward high-risk management
  • Control the insurance companies, using rights of injunction and sanctions
  • Support investment for the benefit of the regional economy
  • Certify the training of insurance executives and technicians to meet market needs
  • Create common structures to prepare and to implement policy guidelines and decisions
  • Institute a common legislation for insurance and reinsurance technical operations
  • Support the creation of future institutions in the Community
  • Encourage the development of the life insurance branch in order to contribute to better savings

The CIMA insurance code

Enforced all over the member states since February 15, 1995, the CIMA code replaces the archaic, scattered, and unsuited national laws that were essentially transpositions of the 1960s French laws.

The new law refers to insurance contracts, methods of compensation for the victims of car accidents following a repayment scale, company management, and agents' and brokers' obligation.

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Thu, 09/05/2013 - 16:30
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