The Supervisory Authority of Insurance and Social Welfare provides insurance and reinsurance companies with a number of resources and services.
Insurance and reinsurance companies must submit to the Authority, no later than April 1st of each year, the summary statements provided for in Article 234 of Law No 17-99. They must also produce , the financial statements and statistics, drawn up according to the model statements appended to the original of the Minister of Finance and Privatization Order No. 1548-05 of 6 Ramadan 1426 (October 10, 2005) relating to insurance and reinsurance companies
In accordance with Article 167 of Law 17.99, if an insurance and reinsurance company which has obtained approval for one or more of the categories of insurance operations has not started to carry out the corresponding operations in the one (1) year from the date of publication in the "Official Bulletin" of the decision of the Authority granting its approval, or if a company does not take out, for two (2) consecutive years, any contract relating to a category of insurance operations for which it is authorized, the authorization ceases to be valid for that category. This situation is confirmed by the Authority.
In accordance with Article 165 of Law No. 17-99 on the Insurance Code, an insurance and reinsurance company must submit an application for approval to ACAPS. The application for approval submitted by the company concerned is drawn up in two copies and must indicate the category or categories of operations that the company proposes to practice.
This request is accompanied by a number of documents.
inIn the case of a transaction aiming at a direct or indirect takeover of more than 30% of the share capital or a change of majority, the insurance and reinsurance company must submit an application to ACAPS.
This application is accompanied by a number of documents.