Company

THE ORGANS

1. GENERAL ASSEMBLY OF MEMBER STATES

The General Assembly of the Member States has the powers hereinafter:

  • - Modification of the Establishing Agreement
  • - Admission of new Members
  • - Setting of the percentages of legal cessions to the Company
  • - Increase or reduction in the issued capital
  • - Suspension of a Member
  • - Dissolution of the Company

2. ORDINARY GENERAL ASSEMBLY OF THE SHAREHOLDERS

It exercises all the powers of control, as follows:

  • - To Elect and dismiss the Managers and set their allowance
  • - Allowing the conclusion of arrangements of temporary or administrative status, with competent authorities in insurance and reinsurance field of CICA member States who are not shareholders yet of the Company, as well as the conclusion of similar agreements with other National or International Institutions and Organizations that are interested in the insurance and reinsurance development
  • - Choosing Auditors that are outside the Company and authenticating the balance sheet and the statement of revenue and expenditure of the company except the case envisaged in the article 42, paragraph 3
  • - Approving the balance sheet of the Company revenue and expenditure after examination of the Auditor's report
  • - Deciding on the distribution of net income.
  • - Exercising all other powers invested expressly in the General Assembly through the Agreement

3. BOARD OF DIRECTORS

The Board of Directors is charged of the general operation management of the Company. To this end, it exercises the powers to which it is delegated by Ordinary General Assembly:

  • - Electing the President among its members
  • - Appointing the Managing director and set his condition of service
  • - Designate one or several Deputy Managing Directors of the Company, and set their conditions of service
  • - Preparing the General Assembly debate
  • - Determining the general principles of approvals, retention and retrocession
  • - Working out outlines and deciding on the Corporate fund investment policy
  • - Approving the establishment of Branch or regional offices of the Company
  • - Determining, subject to the provisions of article 9 of the Agreement, the general structure of the services of the Company
  • - Submitting the annual report and the accounts of every fiscal year for the approval of the annual General Assembly
  • - Making proposals, subject to the provisions of article 43 of the Agreement, as for the allocation of the annual net income

Discover CICA-RE

The basic provisions of the CICA-RE were revised at the Member States General Meeting of April 16, 2009, held alongside the Franc Zone Finance Ministers Conference in Ouagadougou (Burkina Faso) (...)

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