The Central African Republic (CAR) is a member country of the Conf?rence Interafricaine des March?s d’Assurances (CIMA), which is an integrated organization of insurance industries in Africa formed by the governments of 14 African countries. The CAR’s insurance industry is governed by the Direction des Services Centraux (DSC), which is an organ of the Secr?tariat G?n?ral des Finances et du Budget. The DSC is responsible for monitoring and developing the state policy in the field of insurance in the CAR.
However, the regional insurance regulator of the CIMA region, the Commission Regional des Assurances (CRCA), has a greater influence on the supervision of insurance business in all the CIMA member states. The DSC grants licenses for companies willing to operate in the CAR only after obtaining consent from the CRCA. Rules and regulations governing the insurance industries in all CIMA member states, including the CAR, are formulated and implemented by the CRCA. The CAR’s insurance industry is governed in accordance with the provisions of the CIMA Code, which is the regional insurance law, imposed by the CIMA under the treaty signed by the Francophone African states.
Key Findings -
- The CAR’s insurance industry is regulated by the CRCA at the regional level and by the DSC at the national level
- Composite insurance is not permitted in the CAR
- 100% FDI is permitted in the CAR’s insurance industry
- Insurance companies from CIMA member states are permitted to operate in the CAR without a license
- Key classes of compulsory insurance include motor third-party liability insurance, marine cargo insurance on imports and professional indemnity insurance for insurance intermediaries
The Report “Governance, Risk and Compliance - The Central African Republic Insurance Industry” report is the result of extensive research into the insurance regulatory framework in the Central African Republic. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.
The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
The Report “Governance, Risk and Compliance - The Central African Republic Insurance Industry” provides -
- An overview of the insurance regulatory framework in the Central African Republic
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Central African Republic
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country
- The report covers details of the insurance regulatory framework in the Central African Republic.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Reasons To Buy
- Gain insights into the insurance regulatory framework in the Central African Republic.
- Track the latest regulatory changes, and expected changes impacting the Central African Republic insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.