The role of insurance Law in Central Africa, and Cameroon inclusive, is critical. Insurance law in Cameroon and sub-Saharan Africa is governed by the CIMA code. CIMA is an acronym in French which stands for “Code des Assurances des Etats Membres de la CIMA.”
What is the CIMA Code?
CIMA is the pivotal insurance supervisory authority in Sub-Saharan French-speaking African countries. Presently, CIMA includes the following countries: Cameroon, Benin, Equatorial Guinea, Senegal, Burkina Faso, Congo-Brazzaville, Mali, Niger, Togo, and the Comoros Islands.
Insurance is an essential tool for the economic survival of any modern society and a vital force for the financial protection of Cameroon.
What is the role of CIMA
Insurance Law has the following advantages:
- Insurance law rationalizes a standard Insurance Law applicable throughout its member
- It reinforces the protection of the insured beneficiaries and increases the victims’ quantum.
- The CIMA Law has the added advantage of having a comprehensive control policy in insurance companies and operations throughout the member States.
- All member states have a standard curriculum to train Insurance Experts and meet up with new areas of insurance in the African States.
- With the coming into force of the CIMA Code, lawyers have equipped and acquainted themselves with the provisions, implications, application, and implementation of the CIMA Code.
With better knowledge and experience in obtaining insurance licenses, lawyers can better lobby for better compensation of victims and draft standard form insurance policies for various insurance companies.
Insurance Law in Central Africa
Click here to download the CIMA Code of Ethics in PDF for Professional accountants and insurance lawyers (English Version).
Note
This information is provided for educational purposes. For any further information, legal and advisory services in the insurance sector, please contact the list of best law firms.
Suggested: Traditional Forms of Insurance.
