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Insurance Company Partners With Bank To Ease Loans For Customers 

By Joe Dinga Pefok  
A convention was, December 19, signed in Douala by Chanas Assurances SA and the Commercial Bank Cameroon, CBC, which will henceforth enable customers of the insurance company to obtain loans for their vehicle insurance policy.  
The Provisional Administrator of CBC, Martin Luther Njanga Njoh, signed on behalf of the bank, while the General Manager of Chanas Assurances SA, Henri Frederic Ewele, signed for his company. 
Speaking at the ceremony which held at the CBC Headquarters, the General Manager of Chanas Assurances SA explained that the convention has been necessitated by the modification of Article 13 of the CIMA Code, relating to the payment of insurance policies. The modification, which was adopted by CIMA some three years ago, prohibits insurance companies from selling insurance policy to clients, on credit basis. The new reform obliges all insurance companies in the CIMA Zone, to thus sell insurance polices to clients strictly on cash basis. It is worth noting that CIMA is the body that regulates and supervises the activities of all insurance companies in the 14 African countries of the franc zone.  
Financial Difficulties Of Vehicle Owners  
Meanwhile, the General Manager of Chanas Assurances said, while it is a good thing that an insurance policy be sold only on cash basis, the management of the insurance company is, however, aware and very concerned with the financial difficulties that many enterprises and individuals face in the country. He asserted that due to the financial constraints, many enterprises and individuals that have vehicles find it difficult to take a one-year insurance policy for their vehicles, which is the standard recommendation. 
Ewele said in a bid to lighten the burden of customers, Chanas Assurance management agreed with one of its bankers, the CBC, to enable its customers to be able to obtain loans on very good conditions, to pay for their vehicle insurance policy. 
According to information sheets made available to reporters by Chanas Assurances SA, when a client expresses wishes to obtain a loan to pay an insurance policy, the insurance company will send the client to CBC. The client will take along a pro-forma invoice of the amount of money to be paid for the required insurance policy. If CBC accepts to grant the loan, the bank will immediately credit the account of Chanas Assurances at the bank, with the amount required for the payment of the insurance policy. The insurance company will, on its part, immediately issue the insurance policy to the client.  Chanas Assurances asserts that the project will be beneficial to all the three parties involved- the client, the insurance company, and the bank. 
Meanwhile, the Regional Director of CBC for the Littoral and Southwest, Clement Kemayou, told reporters that, for a start, the bank will only grant such loans to enterprises and that it will later start granting loans to individual vehicle owners.  
Open-Door Policy To Brokers 
Meanwhile, on December 20, the General Manager of Chanas Assurances SA, Ewele, who has carried out a series of innovations at the insurance company since he became the GM barely a few months ago, held a meeting with insurance brokers in the Littoral Region. 
Addressing the insurance brokers, the Chanas Boss stated that the new management of the insurance company has adopted a new house policy towards insurance brokers. He noted that, over the years, Chanas Assurances SA has a house policy whereby the insurance company was reluctant to work with insurance brokers, preferring to work directly with clients. 
Ewele that they recognise and appreciate the role of brokers in the insurance sector, and have instituted an open-door policy to brokers. He said the insurance company will henceforth not only continue to work directly with clients or the public, but will also work with interested brokers.       
The Chanas Boss called on all brokers interested in working with the insurance companies, to be ready to exhibit honesty, warning that they do not condone dishonesty from collaborators or partners. Ewele also stated that Chanas will also like to work with insurance brokers whose tax documents are up to date. Ewele noted that Chanas Assurance SA is 60 years old and one of the oldest and top insurance companies in the CIMA Zone. He said Chanas has gone this far because it has a reputation for respecting its engagements. Ewele also pointed out that though he is new in the position of General Manager of Chanas Assurances SA, he has been in the finance and insurance sectors for many years.  
Meanwhile, the President of the Association of Insurance Brokers in the Littoral Region, Francis Abjahoung, hailed the Chanas Assurances General Manager for opening the door of the company to brokers. 

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