ACAPS amends the Moroccan insurance regulation

The insurance sector in Morocco is undergoing a profound change in its regulations, which is now based on a new prudential framework called SBR (risk-based solvency). Inspired by the European Solvency 2 model, the prudential system introduced by the Supervisory Authority of Insurance and Social Welfare (ACAPS) mirrors the one adopted by Moroccan banks. The objective is to strengthen solvency standards.

According to Mr. Boubrik, President of ACAPS, the new system is based on three pillars:

• a quantitative one which defines the ratios imposed on insurance companies in terms of capital, shareholder's equity and solvency.
• a qualitative pillar relating to governance and risk management.
• a third pillar in charge of organizing the information provided to the supervisory authorities and to the public.

Read also | Results 2018 of the Moroccan insurance market