The Insurance and Social Security Supervisory Authority (ACAPS) has conducted in-depth discussions in consultation with the Moroccan Insurance Federation (FMA) on the implementation of new procedures relating to the effective date of travel insurance policies.
In a joint statement, ACAPS and the FMA say that the customer, at the time of subscribing to travel insurance, should check that the effective date of the contract, generally specified in the special conditions, corresponds with the planned date of their trip, according to local media reports.
In the event of policyholders being unable to travel on the date initially planned, they may request the postponement of the effective date of the travel insurance policy so that it coincides with the new travel date. The insured could also cancel the policy if coverage has not yet taken effect, says the statement.
Thus, ACAPS and the FMA urge all travellers to take the advisory into consideration when buying travel insurance, to benefit from optimal coverage against unforeseen events.
The advisory from ACAPS and the FMA follows an issue raised by the National Federation of Consumer Associations (FNAC) over travel insurance for those wishing to travel to Europe and who have applied for a Schengen visa. Travel insurance is compulsory when applying for a Schengen visa. The FNAC is seeking travel insurance premium refunds from insurers when applications for visas are rejected by European authorities.
FNAC has estimated that on average, the total cost of a mandatory Schengen travel insurance policy is MAD700 ($71). The FNAC says that the number of Schengen visa rejections each year in Morocco is around 11,300.
In its response to the advisory, the FNAC asks ACAPS and the FMA for the definition of ‘effective date’ and ‘special conditions’. It also suggests that they provide concrete examples to illustrate cases of the cancellation or postponement of travel insurance coverage.