Magazine date:
Jul 2016 The insurance and social security supervisory authority (ACAPS), has barred intermediaries from granting deferred payment options to motor policyholders.
Despite this directive dated April 1, 2016, agents and brokers continue to provide payment loans to their customers, negotiating premium repayment with the insurers. The law provides for just 15 days for intermediaries to transfer the collected premiums to insurers.
On the ground of reality, this rule is not complied with, 40% to 50% of the premiums not being received by insurers at the end of the year. Arrears amount to nearly 7 billion MAD (716 million USD) for all the classes of business. ACAPS is going to publish another directive with more binding provisions.
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