Cameroon – Law: The regulator of the insurance sector in West and Central Africa suspends the activities of Cameroonian insurer Samaritan

Written by Deckson N.

The Regional Commission for Insurance Control (RCIC) of the IAMC (Inter-African Insurance Markets Conference), the regulator of the insurance sector in Central and Western Africa, has suspended the activities of Cameroonian company Samaritan.

This sanction, sanctioned by the withdrawal of the provisional authorization granted to Samaritan in April 2016, is, according to the Government Daily, the debt of the company, which now stands at around 4 billion CFA francs, Which renders it incapable of honoring its commitments vis-à-vis policyholders.

As a reminder, Samaritan Insurance is in the sights of the regional regulator of the insurance sector, since 2012, the year in which the RCIC had for the first time enjoined the shareholders of this insurer to return funds taken from the company’s funds to develop other activities.

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Deckson N.

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