Regulatory Alerts2020-02-01
Conditions for the Approval of Insurance Companies
The Central Bank of the Republic of Guinea issued Instruction N° /ROA/95, establishing the comprehensive conditions for the approval of insurance companies operating within the country. This instruction mandates that applicants submit a detailed file, including proposed branches, constitutive acts, professional references of directors, a program of activities with financial forecasts for the first three years, and reinsurance principles. It further outlines the Approval Committee's examination criteria, emphasizing technical and financial means, personnel qualifications, and market study, while also providing for ongoing monitoring of approved companies' financial stability and potential withdrawal of approval.
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