Insurance Regulation
This translation is provided for information only. Only the French version is legally binding. Read the French version
SY Insurances carries on its business as an insurance intermediary under the regime of the Insurance Code of the Member States of the Inter-African Conference on Insurance Markets (Conférence Interafricaine des Marchés d'Assurances — CIMA). This document sets out the main provisions applicable to our activities and to your rights as an insured.
The Inter-African Conference on Insurance Markets (Conférence Interafricaine des Marchés d'Assurances — CIMA) is an international organisation comprising 14 African States that have adopted a single, harmonised Insurance Code, signed in Yaoundé on 10 July 1992. Côte d'Ivoire is a founding member.
The CIMA Code governs the entire insurance sector in the Member States: establishment and supervision of insurance undertakings, conditions of practice for intermediaries, rights and obligations of insureds, and claims handling.
14 Member States Adopted in 1992 Côte d'Ivoire — Founding member
SY Insurances operates as General Agent (Agent Général) of GNA-CI Assurances, in accordance with Articles 507 et seq. of the CIMA Code relating to insurance intermediaries.
In this capacity, SY Insurances is the agent (mandataire) of the insurance undertaking GNA-CI and not a direct insurer. The cover subscribed is underwritten by GNA-CI, a licensed insurance undertaking subject to the supervision of the Regional Insurance Supervisory Commission (Commission Régionale de Contrôle des Assurances — CRCA).
| Status | General Agent — Insurance intermediary |
|---|---|
| Principal | GNA-CI Assurances (Groupement National des Assureurs de Côte d'Ivoire) |
| Licence | Issued by the competent supervisory authorities (CRCA / Direction des Assurances CI) |
| Legal basis | Articles 507 to 530 of the CIMA Code |
Pursuant to the CIMA Code, SY Insurances is bound by the following obligations towards any prospective policyholder:
Articles 507–508 — Pre-contractual information
Before any subscription, SY Insurances provides the client with an information sheet specifying the cover offered, its limits, the exclusions, the amount of the premium and the terms of termination. This duty to inform is mandatory and may not be excluded by agreement.
Article 13 — Conditions of practice
The activity of insurance intermediary is subject to obtaining a prior licence issued by the competent authorities of the Member State. This licence is renewed periodically and may be withdrawn in the event of breach of professional obligations.
Articles 86–88 — Duty to advise
SY Insurances is bound by a duty to advise: it must analyse the client's needs, offer a product suited to the client's situation, and clearly inform the client of the exclusions from cover before subscription. This duty engages the agent's professional civil liability.
Article 19 — Earning of the premium
The insurance premium is fully earned by the insurer as from the effective date of the contract. No refund may be claimed after the effective date, except in the cases expressly provided for by law (nullity, statutory termination during the term of the contract, etc.). This rule is a matter of public policy and may not be excluded contractually.
Article 12 — Disclosure of the risk
The policyholder is required to answer accurately and completely the questions asked at the time of subscription. Any intentional misrepresentation renders the contract null and void, without refund of the premiums paid. An unintentional omission may result in a proportional reduction of the indemnity.
Article 62 — Two-year limitation period
All actions arising from an insurance contract are time-barred after two (2) years from the event giving rise to them. This time limit applies both to actions by the insured against the insurer and to actions by the insurer against the insured.
Articles 18 & 20 — Effective date and term
The insurance contract takes effect on the date and at the time stipulated in the Special Conditions, subject to payment of the premium. The minimum term and the conditions of tacit renewal are specified in each contract.
Before subscription, you have the right to receive the product information sheet, the General Conditions and the Special Conditions of the contract. SY Insurances makes these documents available to you upon simple request.
You may terminate your contract at its annual renewal date, subject to two months' notice sent by registered letter. Cases of termination during the term of the contract are provided for by the CIMA Code (transfer of the insured property, aggravation of the risk refused by the insurer, etc.).
| Step | Contact | Time limit |
|---|---|---|
| 1. Amicable complaint | SY Insurances — sy@sygroup-ci.com | Response within 10 working days |
| 2. Escalation to the insurer | GNA-CI Assurances | If no satisfactory response at step 1 |
| 3. Supervisory authority | Insurance Directorate (Direction des Assurances) — Ministry of Finance CI | As a last resort |
| 4. Legal proceedings | Commercial Court of Abidjan (Tribunal Commercial d'Abidjan) | Within the two-year limitation period (Art. 62) |
SY Insurances distributes the following categories of products on behalf of GNA-CI, each subject to the specific provisions of the CIMA Code:
| Class | Products | CIMA basis |
|---|---|---|
| Marine insurance | Hull, cargo in transit, shipowners' liability | Book II, Title IV |
| Motor insurance | Compulsory third-party liability, comprehensive, theft, fire | Book II, Title I (compulsory insurance) |
| Health insurance | Individual and group medical expenses, hospitalisation | Book II, Title III |
| Home insurance | Comprehensive home insurance, owner's/tenant's civil liability | Book I, Title II |
| Travel insurance | Repatriation assistance, trip cancellation, baggage | Book I, Title II |
| Corporate insurance | Professional civil liability, comprehensive business insurance, motor fleet | Books I & II |
The insurance business in Côte d'Ivoire is subject to the dual supervision of:
SY Insurances voluntarily submits to any inspection by these authorities and makes all required documents available to them.