The General management of Saar Assurances Tchad in a service note explains the context of the provisional administration of the company. By regulation N ° 007 / CIMA / 2016, CIMA, the regulatory body for the insurance market, has modified and supplemented the insurance code.
The regulation requires each of the 147 insurance companies in the CIMA Zone to increase its minimum mandatory capital from 1 billion to 3 billion CFA francs. Given the economic problems facing the CEMAC zone and more particularly Chad, the shareholders of Saar Assurances Tchad have not yet released the capital of 1.5 billion necessary to bring the current capital which is 1.5 billion to 3 billion CFA francs. This is why the CIMA Commission, meeting in its special session of March 10, 2020, decided to put Saar Assurances Tchad under provisional administration. The same decision was taken against 43 other insurance companies in the CIMA zone for the same reason.
The CIMA decision placing the company under provisional administration maintains the CEO of Saar Assurances Tchad as Provisional Administrator. It specifies that its main mission “is to conduct, in collaboration with the current shareholders, the due diligence required to find other partners and bring the capital into conformity with the provisions of the aforementioned regulation”.
According to correspondence addressed to some media houses, extensive contacts have been established with several internal and external partners convinced of the strong economic potential of Chad and the profitability of Saar Assurances Tchad. “The negotiations sent to date are very advanced and should be concluded as soon as the mobility restrictions imposed by the Covid-19 pandemic are lifted,” the document notes.
It should therefore be noted that the provisional administration of Saar Assurances Tchad is therefore not the result of any management problem and the company does not run any risk of closure as erroneously reported by some media organs in Chad.