The ministers in charge of the insurance sector of the CIMA member states met on Thursday October 10, 2019 in Paris (French Republic), under the chairmanship of Mr. Sani YAYA , Minister of Economy and of Finances of the Togolese Republic, President of meeting.

After having approved the minutes of their previous meeting held on March 27, 2019 in Niamey (Republic of Niger), the Ministers took note of the state of execution of the decisions of their previous meetings.

They also examined and approved the minutes of the meeting of the Committee of Experts which was held from September 25 to October 07, 2019 in Paris.

To this end, the Council of Ministers has taken note of the activity report of the Secretary General of CIMA for the period from January 1 to September 30, 2019 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 2020 financial year.

They approved the budgets of CIMA and the International Insurance Institute (IIA) of Yaoundé in revenue and expenditure respectively at the sum of 4,020,553,831 FCFA, an increase of 5.67% compared to the financial year 2019 and at the sum of 1,436,030,000 FCFA, an increase of 7.60% compared to the 2019 financial year.

Ministers adopted the Regulation amending and completing the insurance code relating to book 9 on the provisions applicable to takaful insurance.

They also adopted the Regulations modifying and supplementing the provisions of the statutes of the personnel of the General Secretariat of CIMA and the IIA.

They gave instructions for the continuation of the effective implementation within the indicated deadlines of the Regulation n°007/CIMA/PCMA/CE/2016 of April 08, 2016 modifying and supplementing the provisions of articles 329-3 and 330-2 of insurance code relating to the minimum share capital of limited liability insurance companies and the minimum establishment fund of mutual insurance companies.

To this end, the Council of Ministers instructed the Secretary General to assess the application of the said regulations with a view to examining them at their next Council.

The Council of Ministers rejected the appeal brought by the regional office of Abidjan of Continental RE to annul decision n°05/D/CIMA/CRCA/PDT of May 04, 2019 inflicting a reprimand on the Regional Director and that carrying out of the financial guarantee and confirmed the said decisions.

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 approved the decision interpreting Articles 48 and 58 of the Treaty.

After reading the reports on the construction of the CIMA and IIA headquarters, they gave their president a mandate for all the measures to be taken to meet the repayment deadline for the CIMA loan and the work of the final acceptance of IIA headquarters.

Finally, the Ministers proceeded to the appointment of personalities in the organs of the Conference.

At the end of their work, the Ministers expressed their gratitude to the Authorities of the French Republic for all the facilities made available to their respective delegations during this meeting.

Done in Paris, October 10, 2019

For the Council of Ministers,

The Chairman of the meeting