CIMA invites insurance companies to clear premium arrears

The Council of Ministers of the inter-African Conference of insurance markets (CIMA) has instructed insurance companies to clear old arrears of premiums no later than 31 December 2014, in accordance with the circular of July 22, 2011. Failure to comply will call for penalty or sanctions.

The regulatory body of the insurance sector in Central Africa and West would break with old habits, marked by the renewal of the arrears of premiums at the beginning of a new fiscal year.

This provision of the Council of Ministers of CIMA appears as "a step forward" in the process of remediation activity.

However, insurers operating in Central African Republic are exempted from this measure, considering the socio-political situation prevailing there. The Council of Ministers has decided to grant insurance companies, an extension of one year of the usual period of three years.