Ouagadougou: The ministers in charge of insurance from the member states of the Inter-African Conference of Insurance Markets (CIMA) adopted several reforms on Friday aimed at strengthening the regulatory framework and governance of the insurance sector in the community area, according to the final communique of the meeting.

According to Burkina Information Agency, gathered under the chairmanship of the Nigerien Minister of Economy and Finance, Maman Laouali Abdou Rafa, Chairman of the CIMA Council of Ministers, the participants examined several files relating to the functioning of the Conference institutions and the evolution of the regulation of the sector.

The document states that the ministers approved a regulation amending certain provisions of the Insurance Code. These amendments concern the rules regarding the prohibition of dividend distribution by insurance and reinsurance companies, as well as the provisions relating to the share capital of microinsurance companies.

Additionally, they adopted the regulations governing the recruitment competition for insurance commissioners. The Council of Ministers approved the administrative accounts of CIMA and the International Insurance Institute (IIA) for the 2025 fiscal year, following a review of the budget execution reports. Discharge was granted to the Secretary General of CIMA and the Director General of the IIA for their management.

The ministers also approved the activity reports of the CIMA General Secretariat and the Regional Insurance Control Commission (CRCA) for the 2025 financial year. During the session, the Council appointed several individuals to the Conference's governing bodies. It also mandated its president to appoint the president of the CRCA upon their election and to administer their oath of office.

At the end of the proceedings, the participants expressed their gratitude to the Burkinabe authorities for the welcome and facilities provided to the various delegations.