Work on a project to amend the insurance code is progressing, according to the Insurance and Social Security Supervisory Authority (ACAPS) acting president Othman Khalil El Alamy.
In a recent update on the legislative work at the sixth annual meeting of insurance agents and brokers, Mr El Alamy said, “For the past few months, there has been a joint commission, made up of representatives of ACAPS and the Ministry of Finance, which has been working hard on the project.”
According to Finance News Weekly, Mr El Alamy said that before dealing with the text of the law, it was first necessary to collate visions and decide between ACAPS and the Ministry of Finance, on the reforms to be instituted. It was also necessary to review different benchmarks, the experiences of other countries and international standards.
He said, “All this work has been done. Today, this joint commission has started the drafting phase of the law. It holds meetings at a very sustained pace (twice a week) and has set itself the goal of achieving a stabilised project by the end of 2022. Of course, as soon as the project is completed, ACAPS will launch consultations with the various stakeholders.”
According to ACAPS, the proposed revision of the insurance law aims to:
- Modernise the reference framework for the distribution of insurance products taking into account developments in the sector
- Reinforce the rules of transparency and good practices, as well as provide greater clarification of the rights and obligations of the various stakeholders, and
- Establish a framework for the online sales of insurance products.
Since the publication of the Insurance Code in November 2002, Book IV of the insurance code relating to insurance operations has seen some amendments, such as allowing micro-credit associations to distribute certain insurance products.
However, it is necessary to carry out an in-depth review of the insurance law to put in place a better structured and more balanced framework, in order to take into account the evolution in the distribution of insurance products, new technologies and to correct a number of shortcomings that have emerged over the years, said ACAPS. M