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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 |
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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.