LIBERALIZATION OF THE INSURANCE SECTOR IN THE DRC: LEGAL CHALLENGES AND STRATEGIES FOR PROTECTING SONAS FROM COMPETITION

Abstract

The promulgation of Law No. 15/005 of March 17, 2015 establishing the Insurance Code in the Democratic Republic of Congo ended the monopoly of the National Insurance Company (SONAS) and opened the sector to national and international competition. This major legal transformation raises the fundamental question of protecting the historical operator in a nascent competitive environment. Through a legal analysis of normative texts and an empirical study of market data, this research examines the legal protection mechanisms for SONAS and evaluates their adequacy in the face of competitive challenges. The results reveal an insufficient legal framework, dysfunctional governance, and a rapid erosion of SONAS's market share, which fell from 100% to 18% in five years. The study recommends a structural reform of SONAS governance, recapitalization, and the adoption of proportionate protection measures compatible with the principles of free competition.