Since 1967, the DRC’s national insurance company, Société Nationale d'Assurances (SONAS), has retained a controlled monopoly over all insurance activities in the country, effectively preventing other local or foreign companies from operating in the sector (FIRST Initiative, 31.03.2016).

However, SONAS has not performed as expected, and instead, the DRC’s insurance sector remains poorly developed and has suffered from corruption, misappropriation of funds, non-payment of wages, and enduring conflict between SONAS and the country’s insurance brokers.

Consequently, since the mid-2000’s, the authorities have been working towards reforming the insurance sector, ultimately resulting in the eventual passing of Law No 15/005 of 17 March 2015 on Insurance Code ("Insurance Code"), formally liberalising the sector. After coming into force in March 2016, the new Insurance code has effectively ended the monopoly granted to SONAS, as well as having established a regulatory and monitoring authority, Autorité de Régulation et de Contrôle des Assurances (ARCA), and replacing legislation that dates back to the immediate post-independence period of the 1960s (Yav & Associates, 19.06.2015).

However, while the passing of the new insurance law is indeed a significant step in the right direction, in that the insurance sector has been technically privatised; in reality, the liberalisation of the insurance sector has been hit by several delays and no further substantial progress has been made.