Final press release of the Council of Ministers in charge of the insurance sector

of the member States of the Inter-African Conference on Insurance Markets (CIMA)

Videoconference on March 02, 2021

The Ministers in charge of the insurance sector of the CIMA Member States met by videoconference under the chairmanship of Mr. Ludovic NGATSE, Minister Delegate in charge of the budget, representing Mr. Calixte NCANONGO, Minister of Finance and Budget of the Republic of Congo, President of the Council of Ministers.

At the end of their meeting, the Ministers adopted the regulation supplementing Regulation No. 0004/CIMA/PCMA/PCE/SG/08 defining the procedures applicable by insurance organizations in the context of the fight against money laundering. capital and the financing of terrorism and the proliferation of weapons of mass destruction.

With regard to the recourse exercised by SIDAM Mutuelle de la Côte d’Ivoire, the Ministers endorsed the proposals of the Committee of Experts, relating to the confirmation of the automatic termination of the company’s approvals and the cancellation of the dissolution of the company, subject of letters n°464-465-466-467-467-468/L/CIMA/CRCA/PDT/2019 of July 27, 2019 from the Regional Insurance Control Commission (CRCA).

The Ministers examined the appeal brought by Société le Millénaire d’Assurance Vie (SOMAVIE) of Côte d’Ivoire for the annulment of Decision No. 026/D/CIMA/CRCA/PDT/2019 of 02 November 2019 of the CRCA on withdrawal of all of SOMAVIE’s approvals. They suspended the implementation of said decision and granted a period of 4 months expiring on June 30, 2021 to the company to make effective and justify the financing and recovery measures announced in the context of the action for annulment.

Pursuant to the provisions of Article 49 of the Treaty conferring on the Council of Ministers the exclusive power to interpret the Treaty, the Ministers proceeded to the interpretation of Decisions N°011/D/PDT/SG/2010 and N°006 /CIMA/PCMA/CE/SG/CIMA/2016 as follows:
the exemption of reinsurance ceded premiums under article 308 of the insurance code and decision No. 006/CIMA/PCMA/CE/SG/CIMA/2016 applies to all reinsurance ceded without distinction .

Following the appointments of personalities to the organs of the Conference, the Council of Ministers expressed its satisfaction and congratulated the outgoing Secretary General for the excellent work accomplished during his term of office. To the incoming Secretary General, the Ministers wished every success in his new functions.

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

Done on March 02, 2021

For the Council of Ministers,

The President