The raising of the minimum capital in the CIMA zone has been talked about on the sidelines of the Markets Forum currently taking place in Cotonou (Benin). Taking note of the last meeting of the Council of Finance Ministers in Paris on October 5, 2018, the Regional Council of Insurance Markets (CRCA) of the CIMA zone threatens to place under provisional administration, all companies that do not fulfill the new conditions.
As a reminder, only 20 companies out of 127 fulfill the new conditions described in regulation 007 / CIMA / PCMA / CE / 2016 of April 8, 2016 amending and supplementing the provisions of articles 329-3 and 330-2 of the Insurance Code relating to capital minimum social insurance companies and the minimum establishment fund of mutual insurance companies.
As a reminder, the regulations require companies to raise their minimum capital to 3 billion CFA francs within 3 years and then to 5 billion CFA francs within five years. Many professionals question the rules and the theory that led to the choice of its figures clearly above, says an expert, the minimum requirements in a country like France. The law, which entered into force on 1 June 2016, comes into force in June 2019.
