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Transformation of the insurance sector: BEAC undertakes new reforms

06/01/2022
Categories: Sectors

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The Bank of Central African States (BEAC) has already launched the process of appointing a consultant who should be recruited this year. In addition, it has just announced the establishment of a digital platform to facilitate the collection of data from insurance companies within the sub-region.

The digital data platform will be used to track control and scoring reports, a scoring system. According to the central bank, the future digital platform will strengthen the existing tool, because an evaluation of the supervision system of the Inter-African Insurance Markets Conference, carried out in 2015, recommended actions to be implemented urgently to comply to international requirements. This is the "2.5" standard of the International Association of Insurance Supervisors. This stipulates that regulatory requirements and control procedures must be transparent and clear, and accessible to the public.

For his part, the consultant will be responsible for finalizing the deployment of geolocation systems and the planning of controls; management of control reports; and consultations and alerts. Clearly, the expert will have to produce modules for positioning insurance companies on the electronic map, reading the summary of information on an insurance company just by hovering over its icon on the map; consultation of control indicators; monitoring of the evolution of control indicators over a period, the alert system on exceptional events, in particular the passage of the value of an indicator below or above a certain threshold, etc.

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