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04 Dec 2021

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BizTech

Cameroon takes measures to reduce fraud in the insurance sector 

Cameroon takes measures to reduce fraud in the insurance sector

BUSINESS IN CAMEROON

In September 2020, Yaouba Abdoulaye (Minister Delegate to the Minister of Finance) sent a circular to managers of insurance and brokerage companies reminding them about the requirement of article 522 of the insurance law.

This article provides that the name of the broker or agent through which an insurance buyer subscribes to an insurance plan should be written on the insurance contract handed to the buyer.  

He also asked the partners and collaborators of the insurance firms’ managers to affix their corporate seal on the documents to be sent to the ministry regulating the sector or the general secretariat of the Inter-African Conference on Insurance Markets (Cima).

This measure is aimed at reducing fraud in the insurance sector involving insurance buyers who use fictitious names on subscription contracts.  

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