CICA-RE plans on increasing social capital to XOF50 billion by 2020

Finance
Monday, 27 May 2019 14:17
CICA-RE plans on increasing social capital to XOF50 billion by 2020

(Togo First) - Under its expansion strategy, the International Conference of African States on Insurance and Reinsurance Supervision (CICA-RE) plans on raising its capital from XOF30 billion to XOF50 billion by 2020.

To this end, the institution will seek out big investors. It should be noted that its actual stakeholders include member States, insurance and reinsurance firms, as well as financial institutions.  

“The objective is to reach out to other institutions to strengthen the company’s shareholding,” reliable sources indicate. The same sources revealed that a legal session in favor of CICA-RE will be instituted.

Starting from 2020, insurance firms will cede to the institution 5% of businesses that will subscribe to their services, with the exception of some like health. Moreover, in cases of accidents, CICA-RE will bear 5% of related care. This should help retain more premiums on the market.   

Séna Akoda

togofirst mobile

 
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