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CONTRACTS IN DISREPAIR : Allianz Assurances Cameroon Make a 1.5 billion FCFA Fund Transfer to Cdec

The leader of the life insurance market in Cameroon, Allianz Assurance has opened the ball with the handover of 1.5 billion FCFA fund transfer to the Caisse de Dépôts et Consignations du Cameroun. The public institution plans to deploy with the other actors concerned, despite slagging réactions.

Operational since the beginning of the year, the Caisse de Dépôts et de Consignations du Cameroun (Cdec), the operational arm of the State in terms of savings management and financing of public and private projects, is starting a stage in the mobilization of financial dues from debtors. The Life branch of the insurer Allianz Cameroon settled it’s debt to the Cdec this Tuesday, October 31, representing its portfolio of funds relating to the contracts of disinheritance.

The fund transfer is a result of life assurance contracts or other contracts that have come to an end and of which the culminated capital has neither been claimed nor paid to the beneficiaries at its maturity or after the death of its holder. The transfer of these funds is thus an obligation of the Cima code which stipulates that at the end of the prescribed limit period, the funds from the above mentioned contracts are deposited to the Cdec. Allianz therefore becomes the first insurance company in Cameroon to comply with this requirement and first also the first Cameroonian entity to hand over to the Cdec, the resources due to it.

In a press release, the Cdec said that this was the culmination of the long discussions with the insurance company.

After this first successful coup, the state structure intends to intensify talks with the 26 other insurance companies operating in the country. Other public and private actors who hold the treasury owed to the Cdec have also been approached by the organization, including ; commercial banks, notaries, bailiffs, the Ministry of Public Procurement (Minmap), the Public Procurement Regulatory Agency (Armp) among others. In order to better make its message heard, the Cdec says it has adopted a “participatory approach” through awareness-raising meetings of these different actors.

It is worth noting that « By virtue of its economic model, the Cdec is obliged to refund the amounts claimed on the first request, as soon as a beneficiary or his successor in title presents himself with all the supporting documents required in accordance with the procedures put in place ».

According to the 2008 law governing deposits and consignments and organized by Decree N°2011-105 of April 15, 2011, public and private resources falling within the scope of the Cdec are classified into 4 categories : deposits (client funds held by court assistants, deposits made by notaries, administrators and judicial agents, in execution of their function, funds from inactive accounts of banking institutions), administrative consignments (caution bonds of public accountants and ministerial public officers, caution bonds on public contracts , consignments for criminal labor, etc.), judicial consignments and conventional consignments.

Sorelle Ninguem

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