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Changes to permitted reinsurance placements outside CIMA countries

A recent amendment to the Insurance Code in CIMA zone countries limits permitted reinsurance placements outside the CIMA zone.

Fri 21 Oct 2016

A recent amendment to Article 308 of the Insurance Code in CIMA (Conférence Interafricaine des Marchés d'Assurances) zone countries limits permitted reinsurance placements outside the CIMA zone to 50% (previously 75%). Local insurers must obtain local regulatory approval to have more than 50% of a risk reinsured abroad.

The amendment also expressly prohibits certain classes of business from being reinsured abroad, therefore they cannot be reinsured at Lloyd’s. These classes are:

  • Accident;
  • Health;
  • Life and death;
  • Land vehicles except for railway stock;
  • Goods in transit;
  • Motor liability;
  • Capitalisation;
  • Tontines; and
  •  Unit-linked insurance.

Crystal has been updated with the above information for the CIMA zone countries, which are: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoro Islands, Congo, Equatorial Guinea, Gabon, Ivory Coast, Mali, Niger, Senegal and Togo.

Further information

Lloyd's International Trading Advice

Primary point of contact for advice and information
on Lloyd's trading status worldwide.

On site:

Lloyd's International Trading Advice

Lloyd's Desk, Ground Floor, Underwriting Room

+44 (0) 20 7327 6677