COTE D’IVOIRE Law and Practice Contributed by: Assemian Kouakou, Innocent Kouakou, Francky Lukanda and Lamine N’Diaye, Ofori Conseils Africa LLP
Ofori Conseils Africa LLP Cocody Vallon Immeuble Sayegh 2nd Floor 22 BP 455 Abidjan 22 Côte d’Ivoire Tel: +225 05 05 08 99 73 Email: k.assemian@ofori-law.com Web: www.ofori-law.com
1. Basis of Insurance and Reinsurance Law 1.1 Sources of Insurance and Reinsurance Law In Côte d’Ivoire, the legal framework for insurance and reinsurance is mainly governed by the 1992 CIMA Treaty, which establishes the Single Insurance Code for the CIMA (Inter-African Conference of Insurance Markets) member states. The 2019 CIMA Insurance Code as amended to date is the main source gov- erning insurance and reinsurance operations in the 14 member countries. It regulates the licensing of insurers, the distribution of insurance products, gov- ernance, the protection of insured persons and rein- surance operations. It is supplemented by the regu- lations, decisions and circulars of the CIMA Council of Ministers, as well as by international conventions ratified by Côte d’Ivoire, particularly in the areas of transport, aviation and prudential regulation. In addition to the rules enacted under the CIMA frame- work, the Ivorian sector of insurance and reinsurance is also subject to local laws and regulations, including: • Order No 2023-875 of 23 November 2023, relat- ing to the Fight against Money Laundering and the Financing of Terrorism and Proliferation; • the OHADA Company Law, Decree No 0243/MEF/ DGTCP of 17 May 2023, on the Organisation of the Insurance Directorate and Establishing its Powers; and
• Decree No 0046 MFB/CAB of 29 January 2025, Authorising the Practice of the Profession of Tech- nical Experts with Insurance Bodies. Lastly, it is worth noting that due to Côte d’Ivoire’s civil law tradition, the local legal system is fundamentally based on French civil law. Codified law predominates and common law does not apply in Côte d’Ivoire. Case law plays a more limited role, serving mainly to interpret and apply community and national texts. 2. Regulation of Insurance and Reinsurance 2.1 Insurance and Reinsurance Regulatory Bodies and Legislative Guidance The insurance sector in Côte d’Ivoire is mainly gov- erned by the CIMA Treaty and the CIMA Code, which constitute a uniform supranational legal framework applicable to all CIMA member states. At the regional level, the Council of Ministers sets policy and adopts regulations, while the enforcement is exercised by the following organs: • the Regional Insurance Supervisory Commission (CRCA), which supervises the sector at the regional level; and • the National Insurance Directorate, which regulates the activities at the local level within the territories of the respective CIMA member states. At the operational level, market access is strictly reg- ulated: insurers, reinsurers and brokers must obtain
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