The Insurance and Social Security Supervisory Authority (ACAPS) is launching a study to establish a single, centralised reference system for all mandatory insurance regulations in Morocco, to transform a complex and fragmented regulatory landscape into a clear, accessible, and user-friendly system for all stakeholders.
The proposed framework is designed to be an agile and evolving tool, capable of continuously integrating legislative and regulatory changes as new risks emerge and necessitate new coverage requirements, reported the newspaper Le Matin. Regular updates would be essential to guarantee its reliability and usefulness for consumers and professionals in the sector.
Currently, Morocco’s mandatory insurance arena suffers from a persistent lack of clarity. Coverage obligations are scattered among the Insurance Code and a multitude of sector-specific laws. This situation creates a lack of visibility, particularly for those subject to the requirement and the insured, who struggle to identify all their legal obligations based on their specific activities. This complexity exposes them to the risk of insufficient coverage, which runs counter to the objective of establishing mandatory insurance.
From market operators' perspective, the lack of a consolidated overview of mandatory coverage limits insurance companies' ability to offer products tailored to consumers' needs. Furthermore, the scattered regulations also lead to diverse and sometimes inappropriate application at the distribution stage.
Some networks, better informed about specific sector-specific regulations, offer comprehensive coverage, while others may omit mandatory coverage, particularly due to a lack of awareness of the latest regulatory updates. This situation exposes policyholders to the risk of non-compliance.
The primary purpose of the proposed reference database would be to clarify the currently scattered and difficult-to-understand regulations. By making information more accessible and understandable, it would reduce the risk of non-coverage, while laying the groundwork for a renewed relationship of trust between insurers and policyholders.