Phew of relief for the insurance companies of the Inter-African Conference on Insurance Markets. The increase in the minimum capital from 3 to 5 billion FCFA, second stage of regulation 007 / CIMA / PCMA / CE / 2016 of April 8, 2016 relating to the share capital of insurance companies, has just been pushed back. For non-life insurance companies, the postponement is three years, until December 31, 2024, according to the decision taken by the council of ministers of the zone meeting on December 31 in Bissau. For life insurance companies, the capital increase to 5 billion FCFA was suspended with a regular revaluation.
It is a great victory for the president of the Federation of African National Law Insurance Companies (FANAF), César Ekomie-Afene, whose office had seized the commission of experts and the competent decision-making bodies to obtain such a postponement, vital given the impact of the Covid-19 pandemic on activity.
Insurance in Chad: an exception
In the same vein, the Council of Ministers granted a period of two years, until December 31, 2023, to insurance companies in Chad to finalize the first phase of the capital increase. This exceptional measure against Chadian companies is accompanied by permanent supervision by the insurance department and the ban on distributing dividends.
Regarding the specific case of companies which have not yet completed the transition to the first phase, namely to increase their share capital from 1 to 3 billion FCFA, their fate will soon be decided by the Regional Commission for the control of companies. insurance (CRCA), based in Libreville. In addition, the Council of Ministers discussed the single approval to be finalized in the CIMA zone so as to allow the advent of a competitive market between the players, guaranteeing quality.