Magazine date:
Mar 2016 As of January 1, 2016, Gambian insurers shall not be authorized to sell insurance policies on credit. Insured persons will now be required to settle the entire amount of their premium on the issuance of the insurance policy.
This move comes within the framework of a series of adjustments designed to reform the sector, but it is not new. It is a statutory provision enshrined in the insurance code since 2003, but whose enforcement has never been required by the Insurance Association of Gambia (IAG). Its implementation will provide insurers with the tools to counter abuse from customers who never pay their insurance premium.