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The history of GMC begins with the will of its promoter, Jean Victor NGUE, to bring to the Cameroonian middle class a lasting solution to the severe economic crisis of the 90s. The motivation behind the GMC project was essentially intellectual in that it was based on the observation that insurance in Cameroon was poorly distributed.

Indeed, those who, like executives for example, had vehicles, and were presumed to be good drivers, could no longer be held responsible in most claims. It was therefore appropriate to group this category within a mutual insurance company in order to allow them to benefit from a preferential rate that takes into account their responsible behaviour. Thus was born the project “MUTUAL GUARANTEE OF FRAMES”. Now it had to be realized.

In order to convince managers of the viability and feasibility of this project, it was necessary to define this new concept of “mutual“: a social economy enterprise whose specificities compared to pure private enterprises are as follows :

The means of production are the undivided property of all members who exercise their power of management and control through a General Assembly, a Board of Directors and Regional Councils that they elect themselves;

Democratic management based on the principle of “one person, one vote“, contrary to what is done in public limited companies where the rule is “one share, one vote“;

This message met with a favourable response from most of the “opinion leaders” who immediately relayed it in their respective circles. Thus, the mobilization of the establishment fund necessary for the start-up of the company was done on the basis of an individual subscription of people from all regions of Cameroon and from all socio-professional bodies: doctors, lawyers, engineers, senior officials etc.. On 13 March 1991, the MUTUAL GUARANTEE OF FRAMEWORKS was approved. It will evolve in a mutual form until the entry into force of the CIMA Code in 1995.

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