Missions & approch

The insurance contract makes up the basis of the relationship between insurance companies and their customers. As a result, and as part of its mission to protect policy-holders, the Authority gives paramount importance to the supervision of insurance products.

Through this control, the Authority ensures:

• the compliance of insurance contracts with the provisions of the Insurance Code and the texts taken for its implementation as well as the provisions of other legislative and regulatory texts applicable to insurance operations (Dahirs forming the Code of Obligations and Contracts, regulations relating to consumer protection and data privacy protection,...);
• the balance between the rights and obligations of the contracting parties;
• the added value of any given insurance product for the targeted customer;

• The SupervisoryAuthority of Insuranceand Social Welfare (ACAPS) places the fight against money laundering and the financing of terrorism among its priorities and works to prevent the use of insurance companies and intermediaries in any financial crime related to money laundering or terrorism financing

   

  The Authority's objective is to participate in safeguarding the solid reputation of the Moroccan insurance sector and financial sector in general as a well-regulated sector aiming to become a financial hub at the regional and international level.

  This mission to ensure compliance with the AML / CFT provisions and to assist the sector in the implementation of an effective system , is a legal mission conferred to the Authority under Law 64.12 related to its creation and Law 43.05 related to the fight against money laundering.

  To do this, the Authority sets up circulars, draws up explanatory guides, sets up a consultation mechanism with professionals in the sector, organizes training sessions, carries out on-site and off-site controls, and participate, through a national coordination framework, to improve the legal, regulatory and practical aspects related to AML / CFT.

  In order to carry out this mission, the Authority has a dedicated unit whose main tasks consist of the:

  • evaluation of the effectiveness of the systems put in place by insurance companies and intermediaries, through on-site and off-site controls, surveillance interviews and exchanges with operators;
  • participation in regulatory developments related to AML / CFT;
  • proposition of AML /CFT guidelines the AML / CFT;
  • conducting coordination actions with the National Financial Intelligence Authority(ANRF);
  • Conducting coordination actions with national and foreign authorities.

  > clarity and intelligibility of the contractual documents.

In order to make insurance companies more accountable for the quality of their products, the new provisions of Article 247 of the Insurance Code require insurers to validate the templates of their insurance contracts before they are issued on the market and communicated to the Authority. This validation is to be done in accordance with the procedures established by the Authority under Instruction No. P.IN.02/2019 of July 24, 2019 on the implementation of the provisions of Article 247 of Law no. 17-99 on the Insurance Code.

At the same time, these new provisions have changed the mode of control of insurance products by the Authority towards a model where checks are performed a posteriori, thereby offering insurance companies more flexibility, room for innovation and competitivity. The Authority may, when it deems it necessary and, in particular, in the event of an inadequate internal validation system, require the prior communication of sample contracts (templates). It may, in all cases, require the modification or withdrawal of any contractual or advertising document that is contrary to the regulations.

In order to reinforce and improve the control of insurance products by the Authority and to assist the sector in the implementation of the internal validation process of insurance products, checklists summarizing the verifications to be carried out in this respect as well as contract templates relating to the main categories of insurance have been drawn up by the Authority and distributed to Insurers.

In addition, the Authority's monitoring of insurance products also focuses on the development of insurance coverage to meet the needs of different consumer groups.