Central African Republic Insurance Industry – Governance, Risk and Compliance
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Central African Republic Insurance Industry Report
The Central African Republic insurance industry research report provides extensive research into the insurance regulatory framework in Central African Republic (CAR). It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health, and marine, aviation & transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report brings together GlobalData’s research, modelling, and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation, and legal system in the state. It also includes the scope of non-admitted insurance in the Central African Republic.
Central African Republic Insurance Industry Dynamics
The insurance industry in the CAR is governed by the Commission Regional des Assurances (CRCA) and the Direction des Services Centraux (DSC) in accordance with the CIMA Code. The CIMA Code is divided into eight books, with each book dealing with a particular aspect of insurance regulation. The key insurance types comprise of compulsory and non-admitted insurance regulations. Motor third-party liability insurance, risks covered and respective liability limits, motor guarantee fund, compensation for damages, risks covered, and liability limits are some of the key compulsory insurances in the country.
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Central African Republic Insurance Industry Segmentation by Key Bodies
The key bodies that oversee the Central African Republic insurance industry are the Direction des Services Centraux (DSC), International Association of Insurance Supervisors (IAIS), and Commission Regional des Assurances (CRCA).
Direction des Services Centraux (DSC): The CAR’s insurance industry is under the direct supervision of the Direction des Services Centraux (DSC) which is part of the Secrétariat Général des Finances et du Budget. The responsibilities of the DSC are promotion of the insurance industry, safeguarding the interests of policyholders and beneficiaries of insurance, protection of savings held by insurance companies in consideration of technical provisions, providing expert advice on insurance, and general supervision of the insurance industry.
International Association of Insurance Supervisors (IAIS): The IAIS 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. It holds an annual conference where supervisors, industry representatives, and other professionals discuss developments in the insurance industry and topics affecting insurance regulation.
Commission Regional des Assurances (CRCA): The Commission Regional des Assurances (CRCA) (www.cima-afrique.org) is the regional insurance regulatory authority for all the CIMA member states, and is established under the CIMA treaty signed by the Francophone African states.
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Central African Republic Insurance Industry Report Overview
Key Regulatory Body | Direction des Services Centraux (DSC) |
Key Bodies | International Association of Insurance Supervisors (IAIS) and Commission Regional des Assurances (CRCA) |
Scope
This report provides:
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.
Key Highlights
- The CAR’s insurance industry is regulated by the CRCA at the regional level and by the DSC at the national level.
- Composite insurance is not permitted in the CAR.
- 100% FDI is permitted in the CAR’s insurance industry.
- Insurance companies from CIMA member states are permitted to operate in the CAR without a license.
- Key classes of compulsory insurance include motor third-party liability insurance, marine cargo insurance on imports, and professional indemnity insurance for insurance intermediaries.
For more insights on the Central African Republic insurance industry analysis, download a free report sample
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 the Central African Republic.
• Track the latest regulatory changes, and expected changes impacting the Central African insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
• Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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Who is the key regulator of the Central African Republic insurance industry?
The Direction des Services Centraux (DSC) is responsible for regulating the Central African Republic insurance industry.
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Which are the key bodies overseeing the Central African Republic insurance industry?
The key bodies that oversee the Central African Republic insurance industry are the International Association of Insurance Supervisors (IAIS) and Commission Regional des Assurances (CRCA).
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What is the main function of the Direction des Services Centraux (DSC)?
The responsibilities of the DSC are promotion of the insurance industry, safeguarding the interests of policyholders and beneficiaries of insurance, protection of savings held by insurance companies in consideration of technical provisions, providing expert advice on insurance, and general supervision of the insurance industry.
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