The Insurance and Social Security Supervisory Authority (ACAPS) is preparing to expand the scope of activities of insurance intermediaries, that would mark a major turning point for them as the regulator integrates related services such as payment, administrative management on behalf of third parties and claims management, with broking services.
This measure, currently awaiting final regulatory approval, aims not only to diversify the income of the intermediaries but also to strengthen financial inclusion in the country, according to local media reports.
Once in force, it will allow intermediaries to offer innovative solutions that meet the needs of a diverse clientele while supporting them in their digital transition, a crucial point identified during the study on distribution in the digital age led by ACAPS in partnership with the Ministry of Economy and Finance.
Current reforms, in particular those related to digitalisation and the expansion of intermediaries' activities, are part of an ambitious drive to modernise the insurance sector and meet the growing expectations of the various economic players.
In 2023, ACAPS proposed to the government a draft amendment to a decree relate to the Insurance Code to allow this expansion of the activities of insurance intermediaries. The proposal was approved by the government council in December 2023 and is now awaiting publication in the Official Gazette.