Composition of the file for the approval of insurance companies
Profile of executives (Articles 329 and 506 of the CIMA Code)
- May have a graduate degree in insurance or actuarial science and a minimum of five (05) years’ professional experience in a senior management position in an insurance company, insurance organization, insurance brokerage firm or insurance supervisory authority ;
- One must have a higher education degree in economic or legal orientation with five (05) years’ experience in management positions in a financial company
- Have a higher education degree with a minimum of ten (10) years’ experience in senior management positions in a company or an administration ;
– Fulfill the conditions of good repute;
– Not having been responsible for the bankruptcy of a company without rehabilitation.
Composition of the file (Articles 328-4, 328-6, 328-7, 329-3, 330-2 of the CIMA Code)
1) one (01) stamped request addressed to the Minister in charge of Insurance by the Chairman of the Board of Directors;
2. a list of the branches of insurance that the company proposes to operate;
3) an indication of the foreign countries where the company proposes to operate;
4. one of the duplicates of the authentic instrument constituting the undertaking or a copy;
5) the minutes of the constituent general meeting;
6) two copies of the Articles of Association and a certificate of bank deposit completed by a Bank Statement of the Capital account;
7. a list of the directors and managers, as well as any person called upon to exercise equivalent functions with the full name, domicile, nationality, date and place of birth of each of them;
8. a programme of activities including the following documents:
- a document specifying the nature of the risks that the company proposes to cover ;
- for each of the classes for which approval is sought, two copies of the fonts and printed matter intended for distribution to the public or published ;
- for each of the branches for which approval is requested, two copies of the tariffs ;
- the guiding principles that the company proposes to follow with regard to reinsurance ;
- the company’s computerization plan, the estimated costs of installing administrative services and the production network as well as the financial resources intended to meet them ;
- for the first three financial years:
- forecasts for management costs other than installation costs, including overhead and commissions ;
- previsions for premiums and claims ;
- the probable cash flow situation ;
- balance sheet, income statement and general profit and loss account forecast ;
- the provisional C1 statement ;
- for the same financial years:
- forecasts relating to the financial resources intended to cover commitments ;
- the forecasts relating to the solvency margin that the company must have ;
- in the case of a public limited company, the list of the main shareholders and the share of the share capital held by each of them; in the case of mutual insurance, the procedures for setting up the establishment fund ;
- the name and address of the main banking institution where the company’s accounts are held ;
9) or, have a share capital of at least CFAF 1 billion excluding contributions in kind, three quarters (3/4) of which must be fully paid up in cash before the final incorporation, if the insurance undertaking is a public limited company (Article 329-3 of the CIMA Code);
either, to have an establishment fund of at least CFAF 800 million, if it is a mutual insurance company (Article 330-2 of the CIMA Code);
10) the location plan of the head office and/or the General Management of the insurance undertaking and any of its agencies;
11) the lease agreement of the General Management legalized by the Tax Services;
12) the approval file of each Company Officer is composed of a certified copy of the birth certificate dated less than six (06) months ago; a certified copy of the diploma appearing on the list published by CRCA; a certificate of presentation of the original of the diploma; a certificate of nationality; two 4×4 identity photos; an extract from a criminal record bulletin No. 3 dated less than three months ago; a dated and signed curriculum vitae; a certificate of non-bankruptcy; a declaration form (CIMA model), signed by the Public Prosecutor at the Court of First Instance; a certificate of office and any other proof of professional experience; a description of current professional activities and those carried out during the ten years preceding the application for approval; the document appointing the Director; a residence permit for foreigners;
13. any other document deemed necessary.
1) The documents provided for in paragraphs 1, 2, 6 and 7 of II.A.;
2) The balance sheet, the general operating account and the general profit and loss account for each of the last three financial years; however, where the company has fewer than three financial years, these documents need only be provided for the closed financial years;
(3) A certificate issued by the competent administrative authorities, listing the branches that the company is authorised to practise and the risks that it effectively guarantees and attesting that it is incorporated and operates in its country of origin in accordance with the laws of that country;
4) The proposal for acceptance by the Insurance Supervisory Commission of an individual who is a General Agent;
5) The General Agent must meet the following conditions (Article 328-7):
produce the documents mentioned in point II. A12 ;
have their domicile and have resided in the territory of the Member State for at least six months;
(6) A programme of activities including the documents mentioned in paragraphs 8 (i) to 8 (vii) of II. A ;
7) The justification that the company has in the territory of the Member State a branch where it has an address for service;
8) Or, have a share capital of at least CFAF 1 billion excluding contributions in kind, three quarters (3/4) of which must be fully paid up in cash before the final incorporation, if the insurance company is a public limited company (Article 329-3 of the CIMA Code);
Or, to have an establishment fund equal to at least 800 million CFA francs if it is a mutual company (article 330-2 of the Insurance Code);
9) The location plan of the subsidiary;
10) The lease contract legalized by the Tax Services;
11) Any other document deemed necessary.
