Morocco Insurance Industry – Governance, Risk and Compliance
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Morocco Insurance Industry Regulation Overview
The Supervisory Authority of Insurance and Social Welfare (ACAPS) regulates the Morocco insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), African Insurance Organization (AIO), and Bureau Central Marocain des Sociétés d’Assurances (BCMA).
The Morocco insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident & health (PA&H), and marine, aviation & transit (MAT) insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Supervisory Authority of Insurance and Social Welfare (ACAPS)
· African Insurance Organization (AIO) · Bureau Central Marocain des Sociétés d’Assurances (BCMA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Engineering Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Morocco Insurance Industry – Key Regulators and Legislation
Supervisory Authority of Insurance and Social Welfare (ACAPS): The ACAPS is an independent regulatory body that governs the Moroccan insurance industry. The ACAPS was established to regulate the issues of insurance, reinsurance, pension, and annuities. Some of the functions of ACAPS include regulating and auditing the activities of insurance, reinsurance, pension, and annuity companies, licensing insurers and insurance intermediaries to enter into the Moroccan insurance business, enacting legislations related to insurance, reinsurance, insurance brokers, pension, and annuity companies, and ensuring solvency and stability of insurance, reinsurance, pension and annuity companies.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The law regulating the Morocco insurance industry is:
- Code of Insurance
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Morocco Insurance Industry - Compulsory Insurance
Some of the compulsory insurances required within the Morocco insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Engineering Insurance
Compulsory Insurances in Morocco
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Morocco Insurance Industry - Company Registration and Operation
Article 159 of the Insurance Code states that life and general insurance operations can only be undertaken by a licensed insurer in Morocco and Article 161 stipulates that insurance companies and reinsurance companies can begin operations once they are approved by the ACAPS. Intermediaries are not permitted to operate in the insurance industry without obtaining a license from the ACAPS either.
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Morocco Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Morocco. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Corporate taxation is governed by the DGI and is levied on income earned from business activities conducted within the country for both local and foreign companies, in accordance with the territorial taxation system in Morocco. The income earned by a foreign entity will be taxed only if the company has a permanent establishment in Morocco.
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Scope
This report provides:
- Details of the insurance regulatory framework in Morocco
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Supervisory Authority of Insurance and Social Welfare replaced Department of Insurance and Social Welfare as the new insurance regulatory authority, effective from March 2014.
- Motor third-party liability insurance, Huntsmen’s liability insurance, and workmen’s compensation insurance are mandatory.
- The life and non-life insurance segments in Morocco are regulated by the provisions of the Code of Insurance.
- Non-admitted insurance is not usually allowed, although there are some exceptions.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Morocco.
- Track the latest regulatory changes and expected changes impacting the Moroccan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Morocco insurance industry?
The Supervisory Authority of Insurance and Social Welfare (ACAPS) is the key regulator of the Morocco insurance industry.
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What are the other bodies that oversee the Morocco insurance industry?
The International Association of Insurance Supervisors (IAIS), African Insurance Organization (AIO), and Bureau Central Marocain des Sociétés d’Assurances (BCMA) are the regulatory and supervisory bodies that oversee the operations of the Morocco insurance industry.
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Which are the compulsory insurances required within the Morocco insurance industry?
Some of the compulsory insurances required within the Morocco insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and engineering insurance.
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What are the types of taxes imposed upon the Morocco insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Morocco. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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