Cameroon - CIMA affiliated with OHADA

The Inter-African Conference on Insurance Markets (CIMA) is a unique example of integrated insurance industry regulation and supervision, bringing together 14 West and Central African countries. Other member states include Benin, Burkina Faso, Congo, Côte d'Ivoire, Gabon, Guinea-Bissau, Equatorial Guinea, Mali, Niger, the Central African Republic, Senegal, Chad, and Togo. CIMA's mission is to work towards the healthy and harmonious development of the insurance industry by ensuring the protection of policyholders and beneficiaries of contracts and the financial stability of economies. This treaty adopted a single insurance code, encompassing the rules of insurance contracts and the rules applicable to stakeholders: insurers, reinsurers, and insurance intermediaries.

In its approach to company supervision, CIMA places great emphasis on respecting the three pillars: correctly assessed commitments, sufficient and good-quality assets to cover them, and the ability to maintain a solvency margin to manage any exceptional events (commitment drift, sudden decline in assets, inappropriate reinsurance, or inappropriate pricing). This desire to maintain the technical and financial balance has led to a series of reforms in the CIMA zone.

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Since 2016, CIMA's new reforms have boosted the performance of Cameroonian insurance companies. Between 2015 and 2021, the cumulative turnover of insurance companies established in Cameroon increased from 182.20 billion CFA francs to 228.9 billion, an increase of 46.7 billion CFA francs (+20.4%).

On the regulatory level, several regulations issued by the insurance market regulatory body (CIMA) have made it possible to regulate several aspects of the activity.

THE INTERNATIONAL INSURANCE INSTITUTE (IIA)
The IIA is an international professional training establishment created in
1972 in application of the provisions of the cooperation agreement on the control of insurance companies and operations. Endowed with legal personality and financial autonomy, it has its headquarters in Yaoundé and is open to nationals of the member states of the Inter-African Conference on Insurance Markets (CIMA). The constitutive act of Yamoussoukro of 1972 was amended by the Treaty establishing the Inter-African Conference on Insurance Markets (CIMA) which was signed in Yaoundé (Republic of Cameroon) on July 10, 1992 by the Ministers of Finance of the member states.