ACAPS
Created on 14 April 2016, the Supervisory Authority of Insurance and Social Welfare (ACAPS) is an independent public institution. Acting under Law 64-12, ACAPS independently carries out the general interest missions assigned by the legislator.
The Authority is responsible for supervising insurance and reinsurance companies and the insurance distribution network as well as the social welfare organizations. Its main role is to ensure the protection of policyholders, affiliates, members and beneficiaries of rights through the following:
- Monitoring the solvency of insurance and reinsurance companies and the financial sustainability of social welfare schemes.
- Ensuring compliance with the regulations applicable to each sector by the operators subject to its control.
- Monitoring business practices and investigating all the claims relating to transactions carried out by the entities subject to its control.
This regulation is based on Act 64-12, which led to the creation of ACAPS, Act 17-99, which contains the Insurance Code, and the legislation governing compulsory pension schemes, compulsory health insurance schemes and mutual insurance. The mutual insurance sector is supervised in collaboration with the ministry responsible for social protection.
