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Jun 2019

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Morocco: Talks break down between intermediaries and insurers

Source: Middle East Insurance Review | May 2019

The Moroccan Union of Insurance Agents and Brokers (UMAC) has announced the failure of talks with the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR).
 
The confrontation between insurers and brokers rose a notch, with the main bone of contention concerning the revaluation of brokers’ commissions and improvement in their incomes, reported Morocco Today.
 
An extraordinary general meeting had been scheduled by the UMAC in mid-April to decide measures to take to ease the difficulties faced by agents and brokers in Morocco. Commission rates have not changed for several years, complain the intermediaries.
 
Agents and brokers are also protesting the implementation of a regulatory circular dated 16 July 2015 relating to premium collection, payment of claims and relations between insurance intermediaries and insurers and reinsurers. They have also requested the intervention of the Insurance and Social Security Supervisory Authority (ACAPS).
 
Among other matters, the circular stops intermediaries from continuing to grant to customers credit in payment of premiums. M 
 
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