Morocco:Regulator Issues Rules For Online Insurance Sales
The Insurance and Social Security Supervisory Authority (ACAPS) of Morocco has published new rules for online insurance sales. The rules will enter into force on 1 July 2022.
The regulations aim to facilitate the setting up of online insurance sales systems by providing players with a clear view of the required compliance requirements, ACAPS says in a press release. They apply to insurance and reinsurance companies as well as insurance intermediaries and other entities authorised to handle insurance transactions with the public.
The long-awaited regulatory requirements were the subject of consultations with professionals. They allow two options to the customer when purchasing an insurance policy. In the first option, the contract is sealed online. In the second option, the offer is made online and a hardcopy contract is sent to the customer to sign by hand, explains ACAPS.
Under the regulations, insurance entities must disclose the elements of the insurance policy offered, including the main features of the coverage offered, the period of validity of the offer, and, where applicable, the right of withdrawal and the cost of buying the policy.
The regulations support Law 31-08, which became effective in April 2011, relating to consumer protection measures, including some provisions concerning remote sales, online advertising and spamming and ensuring that consumers have access to clear, objective and fair information with respect to prices and conditions of sale.
Source: MEIR
