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Regulation of Microinsurance in the CIMA zone: the perspectives!
Manila, September 18th – 20th 2013
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Regulation of Microinsurance in the CIMA zone: the perspectives!
Manila, September 18th – 20th 2013
![Page 3: Regulation of microinsurance in the CIMA zone: the perspectives!](https://reader036.vdocuments.mx/reader036/viewer/2022062513/5563c7b9d8b42aa0588b4ade/html5/thumbnails/3.jpg)
Regulation of Microinsurance in the CIMA zone: the perspectives!
Manila, September 18th – 20th 2013
![Page 4: Regulation of microinsurance in the CIMA zone: the perspectives!](https://reader036.vdocuments.mx/reader036/viewer/2022062513/5563c7b9d8b42aa0588b4ade/html5/thumbnails/4.jpg)
Regulation of Microinsurance in the CIMA zone: the perspectives!
Manila, September 18th – 20th 2013
![Page 5: Regulation of microinsurance in the CIMA zone: the perspectives!](https://reader036.vdocuments.mx/reader036/viewer/2022062513/5563c7b9d8b42aa0588b4ade/html5/thumbnails/5.jpg)
Regulation of Microinsurance in the CIMA zone: the perspectives!
Manila, September 18th – 20th 2013
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Summary
Portrait of microassurance
Regulation of microassurance
Perspectives
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Portrait• Principal risk holders
– Associations– Non Governmental Organizations (NGO)– Microfinance Institutions (MFI)– Insurance companies– Health Mutuals– Populations– Government
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Portrait
• Risks covered – Health insurance : health care, hospitalisation,
critical illness …– Life insurance : credit-insurance, term life, total
and permanent disability and accidental death– Casualty insurance: house, car, stock, …– Agricultural insurance: fishing, livestock, crop,
harvest, …
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Portrait
Bénin BurkinaCameroun Congo Côte Ivoire Mali Niger Sénégal Togo
2.30%
1.30%1.70%
0.78%0.38%
0.73%
0.00%
6.00%
3.10%
Percentage of people and goods covered by microassurance
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Portrait: for the CIF
2008 2009 2010 2011
3,640
4,2704,536
4,958
329 372 439 474
Primes (000 €) Nombre de contrats (000)Premium (000 €) Number of contracts (000)
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Regulation of insurance in the CIMA zone• The « Inter-African Conference of Insurance
Markets » (CIMA) is the regulator body of the insurance market in 2 economic zones in Africa:
“Economic and Monetary Union of West Africa (UEMOA)”
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Regulation of insurance in the CIMA zone - UEMOA
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Regulation of insurance in the CIMA zone• The « Inter-African Conference of Insurance
Markets » (CIMA) is the regulator body of the insurance market in 2 economic zones in Africa:
“Economic and Monetary Community of Central Africa (CEMAC)”
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Regulation of insurance in the CIMA zone - CEMAC
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Regulation of microinsurance
• Two laws govern the activity of microinsurance – Regulation No. 07/2009/CM/UEMOA dealing
with rules of social mutuality within the UEMOA
– Regulation CIMA/PCMA/PCE/2012 on microinsurance operations in member states of the CIMA
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CIMA Regulation versus UEMOA Regulation
CIMA Regulation UEMOA Regulation
Legal status Limited CorporationMutual
Social mutual non for profit
Social capital or funds
Limited Corporation: 762,245 €Mutual : 457,347 € -
Authorization Approval of the Minister of Economy and Finance (Validation of the project by CIMA)
Approval by the Minister in charge of social mutuality
Branch Non-life (Casualty): Personal injury, illness, loss of crops, loss of livestock, fishing, Other agricultural insuranceDamage to propertyLife: Life, savings, retirement, disability
Health care, medico-social or cultural servicesEconomic activities to improve the living conditions of members.
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CIMA Regulation versus UEMOA Regulation
CIMA Regulation UEMOA Regulation
Minimum numbers of members
Limited corporation: nilMutual : 500 members
Distributors, intermediaries
Requirement to obtain a professional license issued by the Ministry in charge of insurance
-
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CIMA Regulation versus UEMOA Regulation• CIMA regulation is therefore a supranational law that
repeals all existing legislation including the CIMA Regulation
• UEMOA states continue to promote the UEMOA Regulations in contradiction with the CIMA Regulation
• The Health Mutuals in the UEMOA zone complies with UEMOA rules
• Law on Decentralized Financial Systems (DFSs) prohibits DFSs to carry on the business from another category without prior approval, including regulated insurance activities
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Perspectives • Continuation of self-insurance activities by some MFIs
despite bans (Central Bank and CIMA)
• Creating insurance company by some MFIs (case for the RCPB in Burkina Faso with the participation of technical and financial partners, ....)
• Organization of Decentralized Financial Systems inside their professional structure to establish a common insurance company
• Signed distribution agreement with licensed companies (ex: agreements with Allianz Life), and in progression with societies CIF-VIE
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Perspectives
• Business continuity for some Health Mutual under the UEMOA regulation
• Approval conditions under CIMA Regulation inaccessible for small-size structures
• Small-size Mutual dissolution under CIMA Regulation
• Need for UEMOA and CIMA to offer a realistic settlement
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THANK YOU!