Amendment of the insurance code

The draft amendment to the insurance code has been finalized. The new version sets, inter alia, the minimum amount of the third party liability guarantee at 50 million MAD (5.5 million USD) while minimum amount of motor third party liability has been increased from 5 to 25 million MAD (0.5 to 2.7 million USD).

For the two-wheeled vehicles, this amount goes from 10 up to 50 million MAD (1.1 to 5.5 million USD). As an additional novelty, the provision allows insurance and reinsurance companies licensed before the entry into force of the law to distribute all kinds of products except Islamic insurance and assistance products.

Finally, insurers and reinsurers may invest more than 5% of their assets outside the country or invest more than 5% in foreign assets in Morocco after prior authorization.