Regional Insurance Control Commission (CRCA) CONSTITUTION Given the Treaty establishing an integrated organization of the insurance industry in African States, in particular in its articles 6 paragraph e and 30; Decides the following statutes for the Regional Insurance Control Commission : ARTICLE 1ST : In these statutes of the Regional Insurance Control Commission, the following expressions are used : The Conference for the Inter-African Conference on Insurance Markets (CIMA); The Council for the Council of Ministers; The Commission for the Regional Insurance Control Commission (CRCA); The Committee for the Committee of Experts; The Secretary General for the Secretary General of CIMA; The Treaty for the Treaty establishing an integrated organization of the insurance industry in African States; The Institute for the International Insurance Institute (I.I.A.); CICA-RE for the Joint Company of CICA Member States; FANAF for the Federation of Insurance Companies under African National Law. ARTICLE 2 In accordance with the provisions of Articles 16 to 30 of the Treaty, the Regional Insurance Control Commission is a body of the Inter-African Conference on Insurance Markets (CIMA). It is placed under the authority of the Council of Ministers. These statutes lay down regulatory provisions relating to the functioning of the Regional Insurance Control Commission. These provisions supplement the terms of the Treaty and the Insurance Code annexed to the said Treaty. However, the Commission has, within the framework of the missions which are assigned to it, a large autonomy of decision with regard to the National Authorities in the Member States. It also has the control body formed within the General Secretariat. The findings useful for the exercise of control carried out by the National Insurance Departments as part of their own missions are communicated to it. TITLE I: COMPOSITION AND OPERATION ARTICLE 3 : Are members of the commission a Jurisconsult with experience in insurance matters appointed by the Council; a personality having exercised responsibilities in the insurance sector, chosen for his experience in the African insurance market, appointed by the Council; a personality who has acquired experience in insurance supervision problems in Africa in the context of technical assistance provided by third States or international organizations, appointed by the Council; six Representatives of the National Insurance Departments, appointed by the Board; the Director General of CICA-RE; a qualified person in the financial field designated by mutual agreement by the governor of the BEAC and the governor of the BCEAO. The Council appoints the president of the commission among the personalities indicated in the preceding paragraphs. For each of the members referred to in a), b), c), d), e) and f) above, the Council appoints, according to identical criteria, an alternate member. The Director General of CICA-RE may be represented by the Deputy Director General of CICA-RE. Sitting on the Commission without a deliberative voice the president of FANAF, except in cases where the agenda of a meeting calls for deliberation concerning the insurance company to which it belongs; the Secretary General of the Conference; the Director General of the I.I.A.; a representative of the Minister in charge of insurance in the member state where each company operates which is the subject of disciplinary proceedings or requesting a grant of approval. In the event of the replacement of a member of the commission serving on the board, this change is notified within 48 hours to the Secretary General of the Conference. ARTICLE 4 : No member of the Commission may be subject to a prohibition resulting from a court decision, from directing, administering or managing an insurance company or body or administration, as well as a commercial, industrial or craft in the territory of a member state. ARTICLE 5 : The members of the Commission and the personalities sitting there without a deliberative voice and the Supervisors representing it enjoy the same privileges and immunities as officials of international institutions. They cannot be the subject of any civil or penal prosecution for the acts accomplished in the exercise of their functions. The members of the Commission as well as the personalities sitting there without deliberative voice are bound by professional secrecy. Professional secrecy cannot be invoked against the judicial authority acting in criminal proceedings. ARTICLE 6 : The Commission meets as often as necessary, and at least twice a year, when convened by its President, either on his initiative, or at the request of one third of its members, or at the request of the Secretary General. On a proposal from the General Secretariat, the President sets the agenda for meetings, including, where appropriate, the matters set out in the request referred to in the preceding paragraph. The President may, with the agreement of the Commission, invite external figures to participate in its meetings. The members of the Commission may not give power of attorney and may only be represented by their deputy. ARTICLE 7 : Le Secrétaire Général est assisté, lors de l’examen de dossiers relatifs à des organismes d’assurance et de réassurance, du Commissaire Contrôleur en charge du dossier. ARTICLE 8 : La Conférence prend en charge, sur son budget, les frais de fonctionnement de la Commission. Les membres de la Commission et les personnalités y siégeant sans voix délibérative ne sont pas rémunérés. Toutefois ils perçoivent des indemnités de présence dont le montant annuel est fixé au prorata de leur participation aux réunions. Transport and subsistence costs, medical and pharmaceutical costs, as well as individual accident and aviation insurance, are borne by the Conference. ARTICLE 9 : The President of the Commission takes an oath before the Council in the forms provided in the Annex. The other members take the oath in writing before the President of the Commission. The acts are registered by the General Secretariat. TITLE TWO: POWERS OF THE COMMISSION ARTICLE 10 : The Commission exercises the powers conferred on it by the Treaty and the Insurance Code in matters of insurance supervision in the territory of each of the Member States of the Conference. ARTICLE 11 : In the event of an on-site inspection, a contradictory report is drawn up. If observations are made by the auditor, the company is informed. The Commission takes note of the observations made by the auditor and of the responses provided by the company. The results of the on-the-spot checks are communicated to the Minister in charge of the insurance sector and to the Board of Directors of the controlled company and are sent to the auditors. ARTICLE 12 : When the Commission finds a criminal offense, it informs the Minister responsible for the insurance sector and the competent judicial authorities in the Member State concerned. ARTICLE 13 : The Commission may request the Auditors of an insurance company to provide any information on the activity of the audited body. The Statutory Auditors are then released from professional secrecy in his regard. Professional secrecy or the confidentiality of commercial documents cannot be set up against either the Commission or an Insurance Supervisor on assignment in a company. ARTICLE 14 : CONSULTATIONS The Commission may be consulted, in cases not provided for by Community regulations applicable to insurance activity in the Member States. ARTICLE 15 : SANCTIONS When it finds an infringement of insurance regulations against a company subject to its control, the Commission pronounces the following disciplinary sanctions : warning the blame the limitation or prohibition of all or part of the operations; any other limitation in the exercise of the profession; the suspension or automatic resignation of responsible officers; withdrawal of approval. The Commission may also impose fines and order the automatic transfer of the contract portfolio. These decisions must be reasoned. They can only be pronounced after the managers of the company in question, who can request the assistance of a representative of their Professional Association, have been invited to comment either in writing or at a hearing. The injunctions and sanctions pronounced by the Commission take the form of decisions taken following an adversarial procedure during which the leaders were put in a position to present their observations. Sanctions are enforceable upon notification to those affected. For the withdrawal of approval, the notification takes place only at the end of a period of one month from the communication of the decision to the Minister in charge of the insurance sector. This period is extended in the event of referral to the Council according to the procedure provided for in Article 22 of the Treaty. For the execution of the sanctions provided for in Article 17 paragraph c of the Treaty, the Commission proposes to the Minister in charge of the insurance sector, if necessary, the appointment of a provisional administrator. When the decisions of the Commission require the appointment of a liquidator, it addresses a request to that effect to the President of the competent court and informs the Minister in charge of the insurance sector. TITLE III: SPECIAL AND FINAL PROVISIONS ARTICLE 16: APPOINTMENT OF PROVISIONAL DIRECTOR OR LIQUIDATOR The Commission may propose to the Minister responsible for the insurance sector the appointment of a provisional administrator, with all the powers necessary for the administration, direction and management of an insurance company or body : either at the request of the directors when they consider that they are no longer able to exercise their functions normally; either when it limits or prohibits all or part of the operations; either when she notices the deficiency of the leaders; either when it has pronounced, under Article 17 of the Treaty, the automatic suspension or resignation of the responsible leaders. The Commission may propose in accordance with the Treaty the appointment of a liquidator for an insurance company or body. either when the withdrawal of authorization has been pronounced; either when the activity is carried out without approval having been obtained. ARTICLE 17 : The committee may transmit information concerning in particular the activity of insurance and reinsurance companies and bodies to the authorities responsible for monitoring similar establishments in non-member countries, subject to reciprocity and provided that these authorities are themselves. -same professional secrecy. ARTICLE 18 : Commission records are inviolable. ARTICLE 19 : The Commission adopts its Rules of Procedure. ARTICLE 20 : The National Insurance Directorates in the Member States exercise their powers on the date of entry into force of the treaty establishing an integrated organization of the Insurance industry in African States, in accordance with the provisions of Annex II to the said treaty. The Commission begins to exercise its functions in the territory of all the Member States as soon as the Treaty enters into force. ARTICLE 21 : The present statutes of the Commission may be revised by the Council. Done in Abidjan, September 22, 1993 For the Council of Ministers, The President, Nguila MOUNGOUNGA-NKOMBO
