Bill regulating insurance activity finalized
The Algerian government has announced the finalization of a bill governing the insurance business in the country. The final document combines the existing legislative arsenal and the new regulatory provisions in a single text.
The new text is aimed at enhancing the attractiveness of the sector and adapting local insurance to both national and international economic developments.
The new provisions mainly cover:
- the establishment of an independent market regulatory authority to replace the current supervisory commission
- the consecration of Takaful insurance
- the online marketing of insurance products
- the reintroduction of compulsory insurance for goods and equipment imported by sea or air
- the extension of compulsory fire insurance to the private sector
- the development of space insurance
- the introduction of an internal control system within companies to monitor and manage risks and prevent money laundering
- combating insurance fraud
- the introduction of new distribution channels
- the generalization of out-of-court settlements for motor claims
- the simplification of compensation procedures for natural catastrophe victims
- increasing penalties for failure to insure compulsory risks
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Thu, 15/06/2023 - 17:11
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