(Article 328-4 of the CIMA Code)

Any application for approval submitted by a company from a Member State must be submitted in five copies and contain the following documents:

1. One (01) application stamped at the current rate, addressed to the Minister responsible for Insurance by the Chairman of the Board of Directors;

2. The list of business activities that the company plans to engage in, drawn up in accordance with Article 328;

3. Where applicable, an indication of the foreign countries in which the company plans to operate;

4. A copy of the authentic deed of incorporation of the company or a certified true copy;

5. The minutes of the constituent general meeting ;

6. Two copies of the company’s articles of association and a bank deposit certificate, together with a statement of the capital account;

7. The list of Directors, Managers and any person effectively exercising equivalent functions, accompanied by surnames, first names, residences, nationalities, dates and places of birth. These persons must provide an extract from the judicial record dated less than three (3) months or an equivalent document issued by a competent judicial or administrative authority. If they are of foreign nationality, they must also comply with the laws and regulations relating to the situation and policing of foreigners;

8. A programme of activities including :
   i. A document specifying the nature of the risks that the company proposes to underwrite;
   ii. For each class of business covered by the application, two copies of the policies and printed matter intended for public distribution or publication;
   iii. For each class of business, two copies of the corresponding rates.

   • In the case of insurance operations involving commitments linked to the length of human life or complementary operations, the company must produce the relevant rates as well as a technical note explaining how the rates are established and the bases for calculating the different categories of premiums or contributions.

   • For capital redemption operations, a full schedule of payments or contributions must be provided, together with annual tables of mathematical provisions and surrender values, as well as a technical note detailing how they were established;

   iv. The guiding principles which the undertaking intends to follow in respect of reinsurance ;
   v. The company’s computerisation plan, forecasts of the costs of setting up administrative services and the production network, and the financial resources envisaged to meet these costs;

9. For the first three financial years, the following forecasts :

   • Management costs other than installation costs, in particular overheads and commissions ;

   • Forecast premiums and claims ;

   • Probable cash position ;

   • Forecast balance sheets, operating accounts and general profit and loss accounts;

   • Forecast C1 statement ;

10. For the same financial years, forecasts relating to :

    • Covering commitments with financial resources ;

    • The solvency margin required in accordance with the provisions of the Code ;

11. In the case of a public limited company, a list of the main shareholders and the percentage of capital held by each. For a mutual insurance company, the procedures for setting up the formation fund;

12. The name and address of the main bank where the company’s accounts are held;

13. Proof of share capital of at least five (5) billion FCFA, excluding contributions in kind, of which at least three quarters (3/4) must be fully paid up in cash before final incorporation, for a public limited company, or of an establishment fund of at least three (3) billion FCFA for a mutual insurance company;

14. A map showing the location of the head office, general management and any branches;

15. The lease agreement for the Head Office, authenticated by the Tax Office;

16. Management approval files (Chairman of the Board of Directors, Chief Executive Officer, Deputy Chief Executive Officer);

17. The Statutory Auditors’ files;

18. Any other documents deemed necessary.