Algeria: Proposed insurance law must address digital distribution and other issues
Source: Middle East Insurance Review | Nov 2024
Algeria’s proposed new insurance law, whose enactment has been delayed, can address several challenges facing the insurance industry, said Cash Assurances former CEO Mokhtar Naouri in an interview with Algerie Eco. Among the issues the law could address is online distribution of insurance products.
He called for a review of the bancassurance system and revision of the share of banks in insurance companies to 34% or even to 49%. “This will allow for the establishment of real partnerships that can boost the personal insurance sector in particular,” he said.
“The new law must have provisions aimed at improving the governance of insurance companies by reviewing the composition and functioning of the boards of directors of insurance companies and by requiring the creation of specialised committees within the boards of directors for better control of crucial functions such as audit, actuarial determinations, risk management and compliance,” he said. M