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Financial Institutions

In partnership with

 

  

GIIF is funded by the European Union, Japan and the Netherlands.

 

The EU is the primary donor partner to the GIIF Trust Fund with a focus on the African, Caribbean and Pacific Group of States (ACP). The governments of Japan and the Netherlands are providing additional support to different regions/countries where IFC operates.

Global Index Insurance Facility

 

Overview

 

FAQ Index Insurance

 

GIIF Projects by Region

 

Technical Partners

Legal and regulatory work for 14 countries in Francophone Africa - CIMA (Regional insurance industry body)


Country

Benin, Burkina Faso, Cameroun, Central African Republic, Comoros, Ivory Coast, Gabon, Guinea, Equatorial Guinea, Mali, Niger, Senegal, Chad and Togo

Project Start date

2011

Requesting agency 

CIMA (Conférence Interafricaine des Marchés d'Assurances): Regional body of the insurance industry for 14 countries in Francophone Africa.

Regional context 

Prior to the revision of the CIMA code, there was no legal and regulatory framework for microinsurance and agricultural index-based insurance in the CIMA zone.

Project type 

Legal and Regulatory work

Project rationale

In 2011, at the request of CIMA and FANAF, a regional study on microinsurance was conducted with the technical assistance and financial support from the World Bank. This report showed that a new regional framework was required for microinsurance to develop in Francophone Africa.

Key achievements

  • The World bank assisted CIMA in the drafting of the required amendments of the current regulation to allow for the promotion of microinsurance and the commercialization of agricultural index based insurance products.
  • In April 2012, the adoption of the revision of the CIMA code, CIMA Book 7, allowed the practice of micro-insurance operations, including index insurance in the CIMA zone.
  • The regulation was ratified by the fourteen Finance Ministers of the CFA Franc zone, and included in the CIMA Code in June 2012 and required all insurance companies to conform to the new regulation by June 2013.
  • For the full scale implementation of the regulation in the CIMA zone, the Bank has selected two pilot countriesBenin and Senegal.
  • Support provided in technical assistance to the various regional insurance bodies starts to leave some footprints.
  • A first self-help technical support has been provided on CIMA Book 7 in April 2013 in Libreville (Gabon) by the International Insurance Institute of Yaoundé (Cameroon) to train executive staff of all national insurance regulatory authorities of the CIMA insurance market on the topic: “License and Control of MI companies".

Key stakeholders 

FANAF (Fédération des Sociétés d’Assurances de droit National Africaines which regroups all insurance companies and intermediaries operating in the CFA franc zone) Direction des Assurances of Senegal, ILO, UNCDF, WB/IBRD-GIIF and CNAAS

Contacts

Fatou Assah

Program Coordinator

World Bank group

Tel: + 228 92 37 8662

Fassah@worldbank.org

 

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