Algeria: Lawmakers to examine insurance Bill
Source: Middle East Insurance Review | Oct 2018
A Bill to amend Algeria’s insurance law was submitted to lawmakers during the 2018/2019 parliamentary session, which began in September. The legislative amendments aim to modernise the Algerian insurance industry, reported El Moudjahid.
President of the Algerian Union of Insurance and Reinsurance Companies (UAR) Brahim Djamel Kassali said this structural reform, initiated by the regulatory authority, revises the insurance law of February 2006.
He said the legislative changes should make it possible to make the necessary improvements in terms, in particular, of widening insurance offerings, diversifying distribution channels and organising the supervision of the industry.
Insurers looking forward to the changes are also seeking the establishment of an attractive financial market. They hope the reforms will ease conditions for access to insurance intermediation for better distribution of insurance products, and establish a transparent framework to develop the competitive capabilities of the insurance sector in Algeria. M