Insurance laws Gabon
Insurance laws in Gabon are primarily governed by the CIMA Code, which stands for the Conférence Interafricaine des Marchés d'Assurances (Inter-African Conference on Insurance Markets). Gabon is a member of the CIMA zone, and this regional body provides a comprehensive regulatory framework that ensures consistency and stability across its member countries.
Key aspects of insurance law in Gabon, as outlined by the CIMA Code and national regulations, include:
Regulation and Supervision: The Gabonese insurance industry is supervised at both the regional and national levels.
Regional: The Commission Régionale de Contrôle des Assurances (CRCA) and CIMA provide regulatory oversight.
National: The Directions Nationales des Assurances (DNA) is the national body under the Ministry of Economy and Finance responsible for monitoring the application of insurance rules.
Compulsory Insurance: Certain types of insurance are mandatory in Gabon. These include:
Motor third-party liability insurance for all vehicles.
Aviation liability insurance.
Marine liability insurance.
Professional indemnity insurance for insurance intermediaries.
Social security insurance, which is a mandatory employee benefit.
Licensing and Operations:
Companies must be licensed by the DNA and adhere to strict solvency regulations to operate.
Insurance companies from other CIMA member states are permitted to operate in Gabon without an additional license.
Foreign direct investment (FDI) of up to 100% is permitted in the Gabonese insurance industry.
Composite insurance (offering both life and non-life insurance) is not allowed.
Policyholder Protection: The CIMA Code and Gabonese laws include provisions to protect policyholders. This includes:
Ensuring transparency and fair treatment.
Requiring insurance contracts to be written clearly with explicit terms.
Enforcing timely and fair investigation and settlement of claims. A guarantee fund is in place to protect policyholders in the event of an insurer's bankruptcy.
Social Security and Health Insurance: Gabon has a system of compulsory social security and health insurance. The Caisse Nationale d'Assurance Maladie et de Garantie Sociale (CNAMGS) is the national health insurance fund.
Compulsory health insurance was made law in 2007 and has been extended to cover different socioeconomic groups, including private sector employees and the self-employed.
Social security benefits include provisions for old-age pensions, disability, death (survivors), and maternity benefits.
Reinsurance: Reinsurance is a key component of the industry. Insurers are required to transfer portions of their risk to other insurers to maintain solvency, following CIMA guidelines. Compulsory reinsurance cessions are a requirement.
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