Algerian insurers called to order

The Insurance Supervisory Authority has instructed the Algerian Union of Insurance and Reinsurance Companies (UAR) to call to order the insurance companies that fail to comply with the multilateral motor agreement approved by the profession.

The agreement, which came into force in January 2021, was signed between non-life insurance companies and sets a limit of 50% on optional motor risks rates. It was introduced in an effort to stabilize the activity.

Failure to comply with the provisions will prompt the UAR to refer the matter to the Ministry of Finance, which will take the necessary disciplinary measures.