African CIMA zone: capital increase
Monday, 05 30 2016, Category: Insurance and Reinsurance, Country: Africa
Last April 8, the Council of Ministers for the Inter African Conference of Insurance Markets (CIMA) adopted a new law setting the minimum capital of insurance companies which goes from 1 up to 5 billion FCFA (1.6 to 8.3 million USD) for non-mutuals.
Operational insurers have a period of three years in order to comply with the new regulation. Mutual companies are also targeted, having to come up with an initial capital above 3 billion FCFA (5 million USD).
Source: Atlas Magazine