Cote d’Ivoire (Ivory Coast) Insurance Industry – Governance, Risk and Compliance

Ivory Coast Insurance Industry Regulation Overview

The insurance industry in Ivory Coast is supervised by the Insurance Department (Direction des Assurances—DA) along with the International Association of Insurance Supervisors (IAIS), and Regional Insurance Control Commission (Commission Régionale de Contrôle des Assurances—CRCA).

The Cote d’Ivoire (Ivory Coast) 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.

Ivory Coast Insurance Industry – Key Regulators and Legislation

Insurance Department (Direction des Assurances—DA): The DA, which works under the DGTCP, is responsible for monitoring and developing state policy in the field of insurance in Côte d’Ivoire. The powers and responsibilities of the DA are prescribed under Annex II of the Inter-African Conference of Insurance Markets (Conférence Interafricaine des Marchés d’Assurance — CIMA) Treaty. Its main responsibilities include the conception and monitoring of the application of national rules relating to insurance. It also studies the insurance industry and makes proposals to the government to ensure and improve the promotion of the national insurance industry.

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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Ivory Coast Insurance Industry - Compulsory Insurance

Some of the key compulsory insurances required within the Ivory Coast insurance industry are:

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

Ivory Coast Insurance Industry Analysis by Compulsory Insurances

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Ivory Coast Insurance Industry - Company Registration and Operation

A license is required to operate in the Ivory Coast insurance industry. Article 326 of the CIMA Code stipulates that companies intending to operate life and non-life insurance and reinsurance businesses in Burkina Faso can start their operations after obtaining a license from the DNA. However, reinsurers are permitted to operate without a license.

Article 530 of the CIMA Code stipulates that intermediaries are required to obtain authorization from the DNA to mediate insurance products in the country.

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Ivory Coast Insurance Industry – Taxation

Tax is imposed upon insurance premiums within the insurance industry in Ivory Coast. Taxation in Côte d’Ivoire is administered by the Direction Générale des Impôts (DGI) in accordance with the Tax Code and Finance Laws. 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 incorporated in Côte d’Ivoire. Resident companies are taxed on their worldwide income, while non-resident companies are taxed on the income sourced from Côte d’Ivoire. Corporate income tax is imposed at a rate of more than 24% on both residents and non-residents with permanent establishments based on the type of industry.

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Scope

This report provides:

• Details of the insurance regulatory framework in Ivory Coast
• 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 Ivoirian insurance industry is regulated by the CRCA at the regional level and by the DA at the national level.
• Composite insurance is not permitted in Côte d’Ivoire.
• 100% FDI is permitted in the Ivoirian insurance industry.
• Insurance companies from CIMA member states are permitted to operate in Côte d’Ivoire without a license.
• Key classes of compulsory insurance include motor third-party liability insurance and professional indemnity insurance for insurance intermediaries.

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 Ivory Coast.
• Track the latest regulatory changes and expected changes impacting the Ivory Coast 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.