Report on all of the CIMA insurance markets – 2010 financial year FOREWORD The year 2009 was marked by a recession in the world economy, the world Gross Domestic Product fell by 0.6%. Fortunately, this crisis has not shaken the insurance market companies in the CIMA zone, thanks to the regulatory measures put in place by our institution. Prudential measures relating to investments in CIMA member states have been successful, so that the balance sheets of insurance companies have not been significantly impacted by the effects of the international financial crisis. In terms of our regulatory innovations, 2009 essentially saw the start of implementation of certain recommendations from the Estates General of Life Insurance, which took place from July 30 to August 1, 2007 in Douala Republic of Cameroon). These are: – regulatory changes related to the governance of insurance companies; – the revision of state C1: operating account by category of life and capitalization companies. I – REFORMS RELATED TO CORPORATE GOVERNANCE During the Estates General for Life Insurance, participants made a number of observations relating to the governance of insurance organizations. Among these observations, we can cite the absence of internal control in certain companies, the internal control system failing in other companies, the very ineffective functioning of the boards of directors, risky and inappropriate investment decisions etc. These various elements constitute departures from the general principles of good corporate governance. In view of the extent of the dysfunctions noted and their impact on the optimization of the management of these companies, the participants in the Estates General of Life Insurance had recommended the transposition into the Insurance Code of the rules of good governance recommended by the International Insurance Control Association (AICA), in particular with regard to the powers of boards of directors, the establishment of internal control systems and efficient asset / liability management policy at the level of companies insurance.
