Cameroon Insurance Industry – Governance, Risk and Compliance

Cameroon Insurance Industry Regulation Overview

The insurance industry in Cameroon is supervised by the Ministry of Finance (MINFI) along with the International Association of Insurance Supervisors (IAIS), and the Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances–CRCA).

The Cameroon insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident, and health, and marine, aviation, and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.

Cameroon Insurance Industry – Key Regulators and Legislation

Ministry of Finance (MINFI): The Cameroonian insurance industry is supervised by the Ministry of Finance (MINFI). The ministry is responsible for monitoring and developing state policy in the field of insurance. The general functions of the organization are to promote and supervise the insurance industry, provide immediate advice to insurers, protect savings held by insurers in consideration of technical provisions, and safeguard the interests of policyholders and insurance beneficiaries.

International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.

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Cameroon Insurance Industry - Compulsory Insurance

Some of the key compulsory insurance required within the Cameroon insurance industry are:

• Motor Third-Party Liability Insurance
• Marine Liability Insurance
• Professional Indemnity Insurance
• Social Security Insurance
• Engineering Insurance

Cameroon Insurance Industry Analysis by Compulsory Insurances

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Cameroon Insurance Industry - Company Registration and Operation

A license is required to operate in the Cameroon insurance industry. Insurers, reinsurers, and intermediaries are required to be registered and obtain a license from the MoF to carry out business in Cameroon. Provisions pertaining to the application procedure by foreign companies in Cameroon are stipulated in Article 328–4 of the CIMA Code. The application procedure is different for companies headquartered in CIMA member states and companies from other foreign countries.

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Cameroon Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Cameroon. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.

Corporate Income Tax: A company is said to be a resident if it is headquartered, has effective management, permanent establishment, independent representative, or completes commercial operations in Cameroon. Resident companies are taxed on their global income, while non-residents are taxed on their income sourced from Cameroon. Corporate income tax is set at 33% for companies with an annual turnover of XAF3 billion ($5.4 million) and 27.5% for companies with a turnover less than XAF3 billion ($5.4 million) and fulfill certain additional requirements.

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Scope

This report provides:

• Details of the insurance regulatory framework in Cameroon
• Details of the rules and regulations governing insurance products and insurance entities
• Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
• Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
• Details of the taxation imposed on insurance products and insurance companies

Key Highlights

• The Cameroonian insurance industry is regulated by the CRCA at the regional level and by the MoF at the national level.
• Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.
• Insurance companies from CIMA member states are permitted to operate in Cameroon without a license.
• 100% FDI is permitted in the Cameroonian insurance industry.
• Composite insurance is not permitted in Cameroon.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Cameroon.
• Track the latest regulatory changes and expected changes impacting the Cameroon insurance industry.
• Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
• Understand key regulations and market practices pertaining to various types of insurance products.