Instruction N°I/04/19/REA on the Composition of Registers and Statements to be Kept by Insurance Companies

Conakry, June 24, 2019

REPUBLIC OF GUINEA CENTRAL BANK

INSTRUCTION N°I/04/19/REA RELATING TO THE COMPOSITION OF REGISTERS AND STATEMENTS TO BE KEPT BY INSURANCE COMPANIES

THE GOVERNOR

Having regard to Law L/2017/017/AN of June 08, 2017, repealing Law L/2016/064/AN of November 09, 2016, itself amending Law/2014/016/AN of July 02, 2014, on the Statutes of the Central Bank of the Republic of Guinea;

Having regard to Law L/2016/034/AN of July 28, 2016, on the Insurance Code in the Republic of Guinea;

Having regard to Decree N° D/2010/004/PRG/SGG of December 27, 2010, appointing the Governor of the Central Bank of the Republic of Guinea;

Having regard to Instruction N°I/96/10/REA relating to the composition of registers and statements to be kept by insurance companies.

DECIDES :

Article 1: Registration of Contracts

Insurance companies must:

• either issue policies under continuous numbering that may include several series, without omission or duplication, with successive endorsements attached to the original policy;
• or assign continuous numbers to policyholders or members meeting the same requirements.

Information relating to these documents must be easily accessible at all times and include the following details:

• policy or endorsement number;
• subscription date, contract duration;
• name of subscriber, insured;
• optionally, name or code of the intermediary;
• effective date and time stipulated in the contract;
• date and reason for any exit;

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• insurance category or sub-category;
• amount of guarantee limits, insured capital or annuity constituted;
• currency in which the contract is denominated.
• contract expiry date;
• amount of the premium or insurance contribution;

Article 2: Registration of Claims

For insurance and capitalization operations, with the exception of health insurance and goods in transit, companies must keep one or more claims registers per category or sub-category of direct insurance.

The register or the equivalent computer listing must include the following information:

• claim registration date;
• declaration date;
• date of occurrence of the claim;
• policy number subject to the claim;
• claim number;
• name of the insured;
• name of the victim or/ third parties;
• category /sub-category;
• nature of the damage (bodily or material);
• initial assessment;
• amount of settlements and date (settlement broken down into principal and accessories);
• final assessment;
• observations (mentions of settled, closed without follow-up must be recorded with dates).

Claims occurring during the same insurance year are listed consecutively under the same sequence.

These registers record claims declarations as they are received in the sequence corresponding to the relevant insurance year.

Claims not yet fully paid at the end of each year will be carried over to a statement kept for this purpose, including the same information.

Partial or total settlements made during the year must also be reported on a statement containing the information listed above.

Article 3: Registration of Reinsurance Treaties and Operations

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Reinsurance treaties, acceptances on the one hand, cessions and retrocessions on the other hand, are recorded in chronological order with the following details:

• treaty order number;
• signature date;
• effective date, duration;
• names of the cedent, cessionary or retrocessionary;
• nature of risks, objects of the treaty;
• guarantee end date;
• nature of the treaty.

Off-treaty acceptance or cession operations must similarly be recorded in one or more registers upon the existence of commitments; these registers will indicate:

• name of the reinsurer or cedent;
• reference number of the statement or supporting document;
• premium amount;
• amount of guarantee granted.

Article 4: Final Provisions

This Instruction, which takes effect from its date of signature, repeals all previous contrary provisions and will be registered and published in the Official Journal of the Republic.

Conakry, June 24, 2019

[Signature/Stamp]

Dr Louncény NABE