The Ministers in charge of the insurance sector of CIMA member states met by videoconference on January 16, 2024 under the chairmanship of Mr. Mamadou Moustapha BÂ, Minister of Finance and Budget of the Republic of Senegal, President of the Council of Ministers.

After approving the minutes of their previous meeting held on October 14, 2023 in Marrakech (Kingdom of Morocco), the Ministers took note of the state of execution of the decisions of their previous meetings.

They also took note of and approved the minutes of the meeting of the Committee of Experts which was held from November 27 to December 8, 2023 in Libreville (Gabonese Republic).

The Council of Ministers took note of the activity report of the Secretary General of CIMA for the period from January 1 to October 31, 20231 as well as that relating to the activities of the Regional Insurance Control Commission (CRCA) for the same period.

The Ministers also approved the action program of the Secretary General of CIMA for the 2024 financial year.

They set the budgets of CIMA and the International Insurance Institute (IIA) of Yaoundé in revenue and expenditure respectively at the sum of 4,697,190,251 FCFA in increase of 8.62% compared to the 2023 financial year and the sum of 1,806,734,000 FCFA, an increase of 6.69% compared to the 2023 financial year.

The Ministers adopted the Regulation amending the provisions of the insurance code relating to the calculation of the management reserve.

They also adopted the Regulation on the participation of policyholders in technical and financial benefits as well as the Regulation on the distribution and management of the insurance contract by digital/electronic means.

They postponed until their next meeting the examination of the appeal lodged by the Société le Millénaire d’Assurance Vie (SOMAVIE) of Côte d’Ivoire to annul decision No. 026/D/CIMA/CRCA/PDT/2019 of November 2, 2019 of the Regional Insurance Control Commission (CRCA) withdrawing all the approvals of the company SOMAVIE of Côte d’Ivoire.

Ministers reaffirmed the principle of solidarity between CIMA member states with regard to the geographical distribution of positions of responsibility in the different organs of the Conference.

The Ministers reiterate the need to clear the arrears of contributions to the budgets of the CIMA and the IIA in order to enable the achievement of the objectives assigned to these institutions .

The Ministers sent their congratulations to the President of the Council, Mr. Mamadou Moustapha BÂ , outgoing President, for the quality of the services rendered and the results recorded at the during his mandate. They extend the same congratulations to the Minister of Finance and Budget in charge of insurance of the Republic of the Republic of Côte d’Ivoire who takes over the presidency of their Council.

At the end of their work, the Ministers expressed their gratitude to the Authorities of the Gabonese Republic for all the facilities made available to their respective delegations on the occasion of the meeting of the Committee of Experts.

For the Council of Ministers,

The President

Mamadou Moustapha BÂ