Distribution Network
The Supervisory Authority of Insurance and Social Welfare also extends its jurisdiction to the distribution network and the activity of bancassurance.
Insurance intermediaries
The distribution network is under the supervision of ACAPS. In this respect, ACAPS has the authority of supervising the network’s activities and operations, and the authority of granting or withdrawing of approval / authorization, but also the authority to sanction. The distribution network consists of insurance intermediaries (agents and brokers) and direct management offices reporting directly to the insurance and reinsurance companies:
- 2128 insurance intermediaries comprising 1670 agents and 458 brokers
- 629 direct management offices
See the list of intermediaries
Bancassurance
The business of bancassurance is in turn practiced by banks, finance companies and microfinance associations.
Different banks are approved for submission of personal insurance, assistance and credit insurance operations in accordance with Article 306 of Law 17-99 of the Insurance Code.
The network of bancassurance is as follows:
- 11 banks authorized for submission of insurance operations through 6195 agencies (31 december 2018)
- 2 licensed finance companies (31 december 2018)
- 5 unauthorized captive finance companies
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1 microcredit association
Sector-based study on bancassurance - 2018
The sector-based study on bancassurance – of the year 2018 - is the executive summary made on the basis of statistics and data provided by the bancassurance network within the prescribed deadline of April 30, 2019.
