Law regulating insurance activities in Cameroon

There are both internal and external laws governing insurance activities in
Cameroon.

A)INTERNAL LAWS

1)Ministry of finance (insurance sector)

This organ is in charge of monitoring macroeconomic polices,including
issues relating to fiscal policies,public finance and insurance dept management.It
controls all monetary affairs in Cameroon concerning insurance such as: premium
rate,co insurance and reinsurance rate.

2)Common law
This law governs cases of the insurance sector which includes;
theft,Misunderstanding between insured and insurer following law suit,fraudulent
acts.

3)Social security law

The National social insurance fund is the body in charge of managing
social security issues in Cameroon.this sector is divided into;occupational
accident,family allowance,illness ,pension and death .The law ensures that any
person registered under the NSIF that inquirese such listed above receive some
funds

4)Merchant marine community code

These provisions lay down rules that are common to diverse marine
insurance policies such as the obligations of the insurer, the obligations of the
insured and indemnity in case the particular peril occurs, on the one hand, and
rules specific to diverse insurance policies such as Body insurance, Optional
Insurance, and Liability insurance.

5)Insurance law
Insurance is a method of spreading over large number of persons
possible financial loss too serious to be conveniently born by an individual.The
practice of law governing insurance including insurance policies and claims is
known as insurance law.This law overlooks the general activities of an insurance
company from contract signing,payment of premium,indemnity and many more.

B)external laws

1)CIMA
CIMA Code (Treaty) which means the “Inter-African Conference on Insurance
Markets” (Conference Inter-Africaine des Marches d’Assurance), came into force on
February 15, 1995 for 15 member states including; Benin, Burkina Faso, Cameroon,
Central African Republic, Comoros Islands, Congo-Brazzaville, Cote d’Ivoire,
Equatorial Guinea, Gabon, Guinea-Bissau, Mali, Niger, Senegal, Tchad, and Togo. The
seat of the organisation is in Libreville, Gabon.
The CIMA treaty establishes an integrated organisational body of the African
insurance industry within 15 West & Central African states with uniform rules
adopted to regulate and supervise the insurance industry in these 15 member states.
In addition to the CIMA Code, the competent organs of the organisation adopt, from
time to time, binding regulations & decisions, on the one hand, and non-binding
recommendations and consultative opinions on the