Insurance brokers soon authorised to open branches

As of July 2013, an amendment of the insurance code has been submitted to the judgment of professionals. Once validated by the authorities, the new bill will provide an opportunity for brokers to open one or more branches provided that they have a minimum capital of 500 000 MAD (59 590 USD) and that the management of the branch is entrusted to an employee whose decisions will involve the liability of the company. Distance selling will, on the other hand, be allowed and graduates of the private sector will have access to the profession of broker.

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