DRC-China: Agreement signed between two organisations in the insurance sector

Kinshasa, May 28^th, 2025 (CPA).- A cooperation agreement in the insurance sector has been signed this Wednesday in Beijing, China, between the Insurance Regulatory and Supervisory Authority (ARCA/Democratic Republic of Congo) and the National Financial Regulatory Authority (NFRA), China’s insurance regulator, according to a statement received by CPA.  ‘The Insurance Regulatory and Supervisory Authority (ARCA) and the National Financial Regulatory Authority, China’s insurance regulator, have signed a memorandum of understanding and partnership agreement on Wednesday May 28^th, 2025 in Beijing, aimed at strengthening best practices and sharing their experiences in regulation, supervision and digitalisation,’ it is read in the Arca press release .  According to the source, this signing is a major step forward in cooperation between the two institutions, which stems from the China-DRC Economic Forum held in September 2024 in Beijing, where the Chinese and Congolese heads of state have expressed their willingness to strengthen bilateral cooperation between the two countries, which is intended to be mutually beneficial,  » when one considers the importance of the Chinese insurance market, estimated at around USD 800 billion. »  During the first edition of DRC-China Economic Forum held on September 2^nd and 3^rd 2024 in Beijing, the general director of Arca and the deputy minister in charge of insurance sector regulation at the NFRA have held a working session on collaboration between the two institutions. During this exchange, the two authorities have agreed to seal a strategic partnership so that the Chinese and Congolese insurance sectors can effectively support the vision of the two Heads of State, who have decided to strengthen cooperation between the two countries, focusing on a win-win partnership in both the public and private sectors. Arca and NFRA have agreed to establish collaboration aimed, on the one hand, at supporting economic operators active in the mining, infrastructure and trade sectors, among others.  And on the other hand, to promote the sharing of information and experiences, training and technical capacity building between the two institutions. This collaboration agreement will enable the launching of a cycle of concrete exchanges between the two regulators, promote regulatory tools and best practices in accordance with the provisions of the Insurance Code, and thus contribute to the growth of the insurance market in DRC. Created in 2016, Arca’s missions are to ensure the protection of the rights of policyholders and beneficiaries of insurance contracts, monitor the financial soundness of insurance and reinsurance companies and their ability to meet their commitments, and deliberate on all matters relating to insurance, reinsurance, capitalisation and assistance, as well as those concerning operations in these areas.  It also aims to supervise insurance and reinsurance companies and professions related to the insurance sector and monitor their activities, study technical and economic issues relating to the development of the insurance sector and its organization, and cooperate with all national and international bodies responsible for the supervision and control of the financial sector.