Rawsur SA and Rawsur Life SA are among the five companies approved by the Insurance Regulatory and Control Authority (ARCA) in DR Congo. In an official statement dated 6 September 2019, the Congolese Regulator issued this reminder to the public.

« The population and economic operators to freely subscribe to any necessary insurance from one of these five (5) companies, without any restrictions, » said ARCA’s Executive Director, Alain Kaninda.

In addition, any broker not legally authorized by the ARCA is prohibited from carrying on business across the country. To date, only four have been approved. These are Allied Insurance Broken Sarl; Gras Savoye RDC SA; Assurances Okapi Sarl; and, Ascoma RDC Sarl.

Finally, the Congolese Regulator reminds insurance operators that they are required to strictly comply with Article 286 of the Insurance Code in force, which prohibits any direct insurance abroad.

According to Alain Kaninda, this provision concerns a person, property or liability, located on the national territory or with a company not approved by ARCA.

« Any violation of the above provision shall be punishable by a fine of 50% of the premiums written outside the company. In the event of a repeat offence, the fine shall be increased to 100% of the said premiums. The judgment is published at the expense of convicted persons or civilly liable companies (article 445 of the Insurance Code)« , warned the Director General of ARCA.

With regard to reinsurance abroad, a circular note No. 0001/2019/ARCA of 6 September 2019 gives clear indications. If this reinsurance abroad relates to more than 75% of a risk concerning a person, property or liability located in the Democratic Republic of Congo, it is subject to the prior authorisation of the Minister of Finance after consulting the ARCA.

To RE(READ): ARCA reminds you to comply with article 286 of the Insurance Code!

Thus, insists the Regulator, any business taken out or placed in reinsurance abroad in violation of the law exposes offenders to penalties provided for by law and other regulatory provisions.

« Any foreign insurance, reinsurance or insurance brokerage company that contravenes the provisions of Law 15/005 of 17 March 2015 on the Insurance Code and this circular will be included on the list of foreign companies prohibited from dealing with insurance companies licensed by ARCA, » concluded Alain Kaninda.

Agnès KAYEMBE