Global Economy
Madagascar’s ACAPS and CSBF Sign Landmark Deal to Strengthen Insurance Supervision
On 27 January 2026, Madagascar’s insurance regulator (ACAPS) and the country’s banking‑and‑finance supervisory authority (CSBF) concluded a protocol of agreement in Nosy‑Be. The pact, signed by ACAPS President Abderrahim Chaffai and CSBF President Aivo H. Andrianarivelo, creates a formal framework for joint oversight of insurance and re‑insurance activities, aiming at stronger financial solidity, better risk management and enhanced policy‑holder protection. The agreement also marks a step forward in South‑South cooperation, positioning both institutions to adapt supervisory rules to evolving market dynamics. The CSBF, which oversees banks, financial institutions and insurance operators in Madagascar, pledged to work closely with ACAPS to harmonise prudential standards and improve institutional capacity. Together, they will develop regular dialogue mechanisms, share best practices and coordinate actions that safeguard market integrity and stability for the benefit of insurers and their customers.
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Protocol Signed in Nosy‑Be
On 27 January 2026, the Authority for Insurance and Social Welfare Control (ACAPS) and the Malagasy Commission for Banking and Financial Supervision (CSBF) concluded a protocol of agreement in the coastal town of Nosy‑Be. The pact was signed by ACAPS President Abderrahim Chaffai and CSBF President Aivo H. Andrianarivelo.
Key Objectives of the Partnership
- Financial solidity: Joint monitoring of insurers’ capital adequacy and solvency.
- Risk management: Shared tools and methodologies for identifying and mitigating insurance‑related risks.
- Policy‑holder protection: Coordinated actions to safeguard the rights of insured persons and beneficiaries.
- Regulatory adaptation: Align supervisory frameworks with emerging market trends and new insurance products.
South‑South Cooperation and Capacity Building
The agreement reflects a broader South‑South collaboration agenda. Both regulators aim to strengthen institutional capacities, exchange best practices, and develop a unified supervisory approach that enhances market stability, integrity and efficiency.
About the CSBF
The Commission for Banking and Financial Supervision (CSBF) is Madagascar’s primary authority for regulating, monitoring and supervising banks, financial institutions and related entities. Its mandate includes ensuring the robustness of the national financial system, maintaining the stability of supervised institutions and enforcing prudential and governance standards.
In the insurance sector, the CSBF specifically oversees solvency, risk‑management practices and the protection of policy‑holders, working alongside ACAPS to harmonise oversight activities.
About ACAPS
The Authority for Insurance and Social Welfare Control (ACAPS) is the regulatory body responsible for supervising insurance companies, re‑insurance firms and social‑welfare schemes in Madagascar. ACAPS focuses on guaranteeing the financial health of insurers, promoting consumer protection and fostering a transparent insurance market.
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