Algeria: Country's president postpones bill to amend insurance law
Source: Middle East Insurance Review | Aug 2024
Algerian president Abdelmadjid Tebboune has ordered the postponement of a bill, which when passed would update and modernise the insurance law.
The president issued the order during a meeting of the council of ministers which he chaired on 22 May, reported Maghreb Emergent.
He decided to postpone legislative work on the bill to allow more time to re-examine proposed changes to the law. He gave instructions to include in the insurance bill a requirement that owners of insurance companies should be residents of Algeria.
He also indicated that the authorities should monitor the activities of insurance companies. Insurers, on their part, should attach the greatest importance to services and not to the collection of funds by easy methods and for quick gains. Insurers should also widen the scope of coverage to other specialties not already a part of their portfolios, he said. M