Insurance laws Guinea-Bissau
Guinea-Bissau's insurance sector operates within a regulatory framework designed to ensure financial stability, consumer protection, and adherence to international standards.
📜 Key Legislation and Regulatory Framework
Decree No. 3/2012:This decree mandates that all vessels, including fishing boats, engaged in trade activities within Guinea-Bissau's waters must have insurance coverage. It specifies that any importation of goods for commercial or industrial purposes must be insured by a national insurance company authorized to operate in Guinea-Bissau
Regional Insurance Control Commission (CRCA):Guinea-Bissau is a member of the CRCA, which serves as the regulatory and supervisory body for the insurance sector in the West African region. The CRCA operates under the Inter-African Conference on Insurance Markets (CIMA), overseeing insurance activities in Guinea-Bissau and other member countries
CIMA Code:The CIMA Code provides a harmonized legal framework for insurance companies operating in member countries, including Guinea-Bissau. It covers various aspects such as licensing, capital requirements, and consumer protection
🏛️ Regulatory Authorities
Autoridade de Supervisão de Seguros (ASS) The ASS is the primary regulatory authority overseeing the insurance sector in Guinea-Bissau. It is responsible for licensing insurance companies, monitoring their financial health, and ensuring compliance with applicable laws and regulations
Ministry of Finance The Ministry of Finance plays a crucial role in formulating policies and legislation that govern insurance practices within the country, promoting financial stability while protecting the interests of policyholders
💼 Market Overvie
As of recent reports, Guinea-Bissau's insurance sector comprises three private insurance companies. While the sector holds a relatively small share of the total financial assets, accounting for less than 5%, it plays a vital role in the country's economic landscape
🛡️ Consumer Protectin
Guinea-Bissau has established consumer protection laws to safeguard policyholders' rights. These laws ensure transparency in insurance contracts, requiring insurers to provide clear information about policy terms, conditions, and coverage. Additionally, consumers have the right to seek redress in case of disputes, with mechanisms in place to address grievances and ensure fair treatment
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