Algeria: Work afoot to have insurance law amended

Source: Middle East Insurance Review | Dec 2016

Preparations are underway to amend Algeria's insurance law to promote the development of the industry and to improve services provided by insurance companies.

Mr Nacer Sais, CEO of National Insurance Company (Société Nationale d'Assurance or SAA), revealed this to the media on the sidelines of an insurance risk management forum.

He said that the Algerian Union of Insurance and Reinsurance Companies (UAR) as well as representatives of insurance companies are currently working on a number of proposals to be submitted to the government to develop the operations of insurance companies.

Among the issues that could be addressed by the proposed legislative amendments are the need for a comprehensive legal framework for takaful, as well as provisions concerning insurers' investments and mandatory insurance, etc.

The Algeria insurance sector is governed by a 1995 ordinance modified and completed by a 2006 law and the Finance Law.

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