For the past four years, through the revision of the Insurance Code, the reform of the insurance sector has been carried out jointly by the Ministry of Economy and Finance (MEF) and Banky Foiben'i Madagasikara (BFM).

The objective of reforming the insurance sector is to establish a solid and resilient insurance sector that promotes financial inclusion. According to those responsible, the reform of the sector is continuing and is structured around three strategic axes. Which are the modernization and development of the insurance sector, the promotion of solidarity and the creation of an appropriate consumer protection framework. Indeed, the transfer of supervision of the insurance sector to the Banking and Financial Supervision Commission (CSBF) has reached a crucial stage.

September 1 last year was the enactment of the new insurance law. In reality, the purpose of the memorandum of understanding signed between MEF and BFM is to formalize the conditions for the transfer of supervision of the insurance sector as stipulated by this law.

According to Banky Foiben'i Madagasikara, the main mission of this agreement is to contribute to the financial stability and solidity of the Malagasy financial system.