Opening of agencies (direct offices) (Articles 328-3 and 502 of the Insurance Code)

Prerequisites (Articles 328-3 and 502 of the Insurance Code)

1) For Insurance Intermediaries, be registered as a legal person ;

2) For licensed insurance companies, no preconditions ;

3) The person in charge appointed to manage the Agency fulfils the conditions of professional competence required of brokers or general insurance agents.

Profile of the direct office manager (Articles 329, 506, 514 of the CIMA Code)

• either have a Master’s degree in Technical Insurance Sciences (MSTA) from the International Insurance Institute (IIA); or any other diploma deemed equivalent by the IIA and have completed a six (06) month professional internship in an insurance organization (Article 514 of the CIMA Code) ;
• either have a Diploma of Insurance Technician (DTA) from the IIA and have at least two (02) years’ professional experience in the insurance sector (Article 514 of the CIMA Code), in particular in the production or application of insurance contracts ;
• either have worked full-time for at least two years as an executive or manager in an industrial or commercial company in a position of responsibility, as well as having completed a professional internship of at least six (06) months (Article 514 of the CIMA Code) ;
• or have held, for two years, positions of responsibility as an executive in an insurance supervisory authority (Article 514 of the CIMA Code) ;
• either meet the conditions of professional competence provided for in Article 329 of the Insurance Code ;
• fulfil the conditions of good repute (Article 506 of the Insurance Code).

Composition of the folder

the contracting company sends an information letter to the Minister in charge of the Insurance Sector, accompanied by the following documents:

• the programme of activities of the new agency and all the elements justifying the need for its opening, in particular the profitability of the agency
• the administrative file of the head of the agency ;
• the location plan of the agency legalized by the Tax Services ;
• any other document deemed necessary.