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Jun 2020

Morocco: Decree passed to implement takaful law

Source: Middle East Insurance Review | Jun 2020

The Council of Government has adopted a draft decree implementing the provisions of the Insurance Code that would allow the government authority responsible for finance to determine certain provisions concerning takaful.
 
In particular, the authority would decide on the criteria for determining the costs of managing the takaful fund, methods of payment for takaful and the caps on these costs.
 
The authority would also stipulate the methods of distributing technical and financial surpluses in takaful operations.
 
The legal text also authorises the government authority to define the general terms and conditions in standard takaful contracts, as well as the specific conditions which must be prohibited or included in these contracts. M 
 
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