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Cameroonians Warned Against Ghost Insurance Companies 

By Michael Ndi — Authorities of Cameroon’s Association of Insurance Companies (ASAC) have cautioned the population against  fake or ghost insurance companies and ghost insurance  agents who are teeming in the major cities of the country.

Sounding the warning during a seminar organized for the North West based journalists in Bamenda recently, the Secretary General of the Association of Insurance companies, Valerie Francis Baliaba, regretted that from their findings, Bamenda city appears to eclipse other main towns in the country in the number of fake insurance companies, and insurance agents.

To mitigate the situation he said ASAC officials will begin cracking down on the ghost insurance companies and agents in Bamenda. According to him, these fake companies and agents rarely have an office but go around with documents which look very convincing to hoodwink the ignorant public.

He said an insurance company must be licensed by the supervisory authority (Ministry of Finance, directorate general of treasury and financial and monetary cooperation) following approval by the CIMA regional control commission in order to carry out insurance activities.

Concerning the authentic list of authorized insurance companies in the country as of now, the ASAC authorities disclosed that there are 25 of them; 18 of which are insurance companies and 7 for life assurance. The legalized  insurance  companies according to ASAC are; ACTIVA Assurances, AGC,  ALLIANZ, ALPHA, AREA, AXA, Beneficial General, CAMINSUR, CHANAS, COLINA LA Citoyenne, C PA, GMC, NSIA, PROASSUR, SAAR Assurances, Samaritan, SAMIRIS and ZENITHE, while the 7 life assurance companies are ACTIVA VIE, ALLIANZ, VIE, COLINA all SAAR VIE and UACAM VIE.

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