FINAL PRESS RELEASE Abidjan (Republic of Côte d’Ivoire), August 8, 2024 A CIMA Council of Ministers was held on August 8, 2024 by videoconference, under the chairmanship of Mr Adama COULIBALY , Minister of Finance and Budget of Côte d’Ivoire, President of the Council of ministers. After having approved the minutes of its previous meeting held by videoconference, the January 16, 2024, the Council took note of the status of execution of the resulting decisions. It also took note of the minutes of the meeting of the Committee of Experts held from 21 to 31 May 2024, in Yaoundé (Republic of Cameroon). The Council approved : after the reports on the execution of the budgets of CIMA and the IIA, for the 2023 financial year, the administrative accounts of the two institutions and discharged the Secretary General of the CIMA and the Director General of the IIA for their management, the reports of the Secretary General of CIMA on the activities of the General Secretariat and those of the Regional Insurance Control Commission (CRCA) for the 2023 financial year, the Regulations modifying and supplementing certain provisions of the Insurance Code. These are, on the one hand, the accounting and statistical statements of insurance companies and on the other hand, electronic insurance, and the provisions of article 329-3 of the said code. Regarding the implementation of the second phase of the increase in share capital, the Council of Ministers took the following decisions : The renewal for a period of three (03) additional years, expiring on December 31, 2027, the special exemption granted in 2013 to Guinea Bissau on the share capital requirements, pending the completion of a study on the non insurance and the relocation of insurance in this market; The renewal for a period of three (03) additional years, expiring on December 31, 2027, of the special exemption granted in 2013 to Guinea Bissau on the approval requirements and authorizing the advent of branches in this market for the operation of Life branches; the extension of three (03) years expiring on December 31, 2027 of the deadline of December 31, 2024 of the second phase of the capital increase and the establishment fund of 5 billion CFA francs and 3 billion for companies Non-life insurance. The Council further affirmed that new life insurance companies approved under Regulation 007 are with a minimum capital of 3 billion FCFA and that any company requesting operating approval should provide proof of this minimum. The Council postponed to its next meeting the examination of the appeal for annulment of decision No. 026/D/CIMA/CRCA/PDT/2019 of November 2, 2019 of the Regional Insurance Control Commission (CRCA) withdrawing the all the approvals of the company SOMAVIE of Côte d’Ivoire introduced by the said company. At the end of the work, the Council expressed its gratitude to the Cameroonian authorities for all the facilities made available to the respective delegations on the occasion of the Experts’ meeting. Done in Abidjan, August 8, 2024 For the Council of Ministers, The President Adama COULIBALY Please download this final press release (in French) here Share via:
