Composition of Share Capital or Establishment Funds

Conakry, June 24, 2019

REPUBLIC OF GUINEA CENTRAL BANK

Instruction N°I/02/19/REA Relating to the composition of the share capital or establishment fund of insurance companies and insurance branches that can be presented to the public.

THE GOVERNOR

Considering Law L/2017/017/AN of June 08, 2017, repealing Law L/2016/064/AN of 09/11/2016, itself amending Law/2014/016/AN of 02/07/2014 on the status of the Central Bank of the Republic of Guinea;

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

Considering Decree N° D/2010/004/PRG/SGG of December 27, 2010, appointing Mr. the Governor of the Central Bank of the Republic of Guinea;

Considering Instruction N°I/96/17/REA of February 18, 1998 relating to the composition of the share capital or establishment fund of insurance companies and insurance branches that can be presented to the public.

DECIDES :

Article 1 : Any public limited company or mutual company, to be approved in the "Insurance Companies" category referred to in Article 223 of the Insurance Code, must have among its shareholders or founders one or more insurers or reinsurers holding at least twenty percent (20%) of its capital or establishment fund.

Article 2 : The approval provided for in Article 395 of the Insurance Code is granted branch by branch. For this purpose, insurance operations are classified into branches as follows:

I. NON-LIFE BRANCH

1. Accidents (including work accidents and occupational diseases) : a) Lump-sum benefits; b) Indemnity benefits; c) Combinations; d) Persons transported.

2. Sickness : a) lump-sum benefits; b) indemnity benefits; c) combinations

3. Land vehicle hull (other than rail) : Any damage suffered by: a) Motor land vehicles; b) Non-motorized land vehicles.

4. Rail vehicle hull Any damage suffered by rail vehicles

5 .Aircraft hull : Any damage suffered by the aircraft

6. Marine, lake and river vessel hull : Any damage suffered by: a) River vessels; b) lake vessels; c) marine vessels.

7. Goods in transit (including goods, luggage and all other property) : Any damage suffered by goods in transit or luggage, regardless of the means of transport.

8. Fire and natural elements : Any damage suffered by property (other than property included in branches 3, 4, 5, 6 and 7) when caused by: a) fire; b) explosion; c) storm; d) natural elements other than storm; e) nuclear energy; f) land subsidence.

9. Other property damage : Any damage suffered by property (other than property included in branches 3, 4, 5, 6 and 7) when this damage is caused by hail or frost, as well as by any event, theft, other than those included in branches 8

10. Motor vehicle civil liability : Any liability resulting from the use of motor land vehicles (including carrier's liability).

11. Aircraft civil liability : Any liability resulting from the use of aircraft (including carrier's liability).

12. Marine, lake and river vessel civil liability : Any liability resulting from the use of river, lake and marine vessels (including carrier's liability).

13. General civil liability : Any liability other than those mentioned under branches 10, 11 and 12.

14. Credit : a) general insolvency b) export credit; c) installment sale; d) mortgage credit; e) agricultural credit

15. Surety : a) direct surety b) indirect surety.

16. Various pecuniary losses : a) employment risks b) revenue insufficiency (general); c) bad weather; d) loss of profits; e) persistence of overheads; f) unforeseen commercial expenses; g) loss of market value; h) loss of rents or income; i) indirect commercial losses other than those previously mentioned; j) non-commercial pecuniary losses; k) other pecuniary losses.

17. Legal protection :

18. Assistance : Assistance to persons in difficulty, particularly during travel.

19. (reserved)

20. Bancassurance

21. Microinsurance

II. LIFE BRANCH

1. Life-death : All operations involving commitments whose execution depends on the duration of human life.

2. Investment-linked insurance : All operations involving commitments whose execution depends on the duration of human life and linked to an investment fund.

The branches mentioned in 20 and 21 include the practice of complementary insurance to the main risk, particularly that covering guarantees in case of accidental death or disability.

3. Tontine operations : All operations involving the formation of associations bringing together members to jointly capitalize their contributions and distribute the assets thus constituted, either among survivors or among the beneficiaries of the deceased.

4. Capitalization : Any operation of soliciting savings for capitalization and involving, in exchange for single or periodic, direct or indirect payments, commitments determined as to their duration and amount.

5 .Microinsurance

6. Provident

7. Bancassurance

III. COMPLEMENTARY RISKS

Companies approved to practice operations mentioned in branches 1 and 2 may directly carry out, as accessory insurance forming part of a life insurance contract and against payment of a distinct premium or contribution, complementary insurance against risks of bodily injury (including professional incapacity for work), accidental death or disability following an accident or illness. In this case, the contract must specify that these complementary guarantees end no later than the main guarantees.

Requests for visa of life insurance tariffs including complementary insurance against the risks mentioned in the first paragraph, which companies are required to present, must be accompanied by technical justifications relating to these accessory guarantees.

ARTICLE 3 : 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

[Stamp and signature]

Dr Lounceny NABE