Legal/Regulatory frameworks

In 2011, at the request of CIMA and FANAF, a regional study on microinsurance was conducted with the technical assistance and financial support from the World Bank. This report showed that a new regional framework was required for microinsurance and agricultural index-based insurance, which had been absent, in the CIMA zone. The member countries are Benin, Burkina Faso, Cameroon, Central African Republic, Comoros, Chad, Cote d’Ivoire, Gabon, Guinea, Equatorial Guinea, Mali, Niger, Senegal, and Togo.

The Insurance Regulatory Authority of Kenya (IRA) requested financial, technical, the human resources assistance from GIIF for a legal and regulatory review as well as some assistance in drafting a new legal and regulatory framework for microinsurance and index-insurance. IRA also expressed an urgent need for assistance in building its technical capacity and the promotion of consumer awareness and insurance understanding.