The legal framework for insurance law is provided by the 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 other hand. Moreover, member states reserve the right to regulate certain aspects of insurance, including insurance tariffs regulations, civil responsibility for motor vehicles, commissions allocated to insurance brokers and brokerage firms, supervision of the profession of technical experts, etc.