Morocco: ACAPS to launch training programme for intermediaries to market microinsurance plans
Source: Middle East Insurance Review | May 2023
The Insurance and Social Welfare Supervisory Authority (ACAPS) is preparing a new training system for insurance intermediaries and payments companies that are new entrants to the microinsurance market.
This is a skills-building programme to be deployed via the ‘E-wassit Taamine’ platform, highlighting, in particular, the different types of microinsurance policies, to enable intermediaries to popularise them among customers, according to a Le Matin report.
This move follows ACAPS’ amendment in July 2022 of its general circular to accelerate the development of inclusive insurance. In addition to extending the marketing of inclusive insurance products to payment institutions, this amendment provides a definition of microinsurance by listing the products in this branch with annual premium ceilings. The products cover risks such as death, sickness, bodily accidents, fire, machinery breakdown, theft and water damage.
ACAPS in November 2022 completed drafting a legal framework dedicated to microinsurance. The draft has been submitted to the Department of Finance. The new law is to enable payment institutions to distribute microinsurance products via their various points of sale. Microinsurance activities in Morocco are currently governed through circulars issued by ACAPS.
The insurance regulator is also studying ways to allow insurance intermediaries to distribute the products of more insurance companies simultaneously. At present, insurance laws constrain insurance intermediaries from selling the products of more than two insurers at any one time. M