In collaboration with the Supervisory Authority of Insurance and Social Welfare (ACAPS), the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) and the National Federation of Insurance Agents and Brokers of Morocco (FNACAM) decided to grant loans to general agents and insurance brokers in financial difficulty during the COVID-19 pandemic.
The Moroccan insurance companies [4] are to establish a credit line for general agents who request it. Around 1.270 insurance agents are earning commissions of less than 1 million MAD (96.612 USD) per year. Insurance companies will inform their agents of the terms and conditions of loans and repayments.
The insurance brokers will also be able to benefit from loans granted by the insurance federation. The loans will be granted for a maximum period of 3 months and shall bear an interest rate of 2%. With a maximum limit of 100.000 MAD (9.661.2 USD), these loans can be refunded in a single payment or in 12 monthly installments, following a 12-month deferment.
Just like general agents, these loans mainly concern the brokers of which 280 are in financial distress, whose turnover does not exceed 1 million MAD (96.612 USD).