Tunisia: 2015 sees start of five-year insurance plan
Source: Middle East Insurance Review | Mar 2015
The insurance regulator in Tunisia, the General Insurance Committee, has announced the start of a five-year programme for the insurance industry, aimed at modernising the regulatory framework and moving the sector towards international standards. The programme, to last till 2019, will set out the priorities for the insurance sector, according to the head of the agency.
Mr Hafeth Gharbi, President of the Committee, told the local media that the plan involves diversifying products and promoting the organisational and financial structure of the sector to cope with strong international competition. The reform plan was developed following a study prepared by the insurance sector and financed by the EU.
Under the plan, insurers are required to submit to the supervisory authorities their auditors’ reports.
The Committee is also preparing to set up a specific legislative framework for governance to identify, assess, monitor and manage risk, in addition to the application of prudential rules. Insurers are required to establish an internal audit committee, in addition to a risk committee and a control system, he said.
The authorities will also establish an ombudsman in the insurance sector to monitor and resolve disputes, he said.
Insurers in Tunisia will be called upon to modernise their management, strengthen their capital base, introduce modern technology and comply with governance and transparency rules.
Mr Gharbi added that the insurance regulator is collaborating with the Tunisian Federation of Insurance Companies to amend insurance regulations.