FANAF Markets Forum: Resolutions
The 5th edition of the FANAF Market Forum was held on 7 and 8 November 2019 in Douala (Cameroon) under the theme "Rereading the CIMA Treaty, what directions for our markets after 25 years of implementation?"
Forum participants developed an action plan to adapt the CIMA Treaty to the current environment. The plan includes two key recommendations:
Recommendation N° 1:
- Harmonization of normative policies between the CIMA's international conference and other integration organisations, including the Organisation for the Harmonization of Corporate Law (OHADA) in Africa, the West African Economic and Monetary Union (UEMOA), the Economic and Monetary Community of Central Africa, the Inter-African Conference on Social Prevention (CIPRES) and the establishment of a platform for exchanges between these different organisations.
- Establishment of a community insurance court, or failing that, extension of the jurisdiction of the OHADA's Common Court of Justice and Arbitration CCGA.
- Institutional restructuring of regulatory and supervisory bodies around the values of independence, probity and efficiency.
- Setting up a self-regulatory mechanism by the establishment of an advisory committee in each market.
- Harmonizing and contextualizing the legal and regulatory framework to increase compliance with the basic principles of the International Association of Insurance Supervisors IAIS and the International financial reporting IFRS standards.
Recommendation N° 2:
- Setting up a working group of all stakeholders in the sector to develop proposals for the revision of the treaty and its appendices, in line with the forum's guidelines.
