ACAPS is responsible of several missions that contribute to the achievement of its priority goals that are the protection of policyholders, members and affiliates, and the proper functioning of the sectors subject to its control.
ACAPS is in charge of supervising the insurance and reinsurance companies and the distribution network as well as the social welfare organizations. It ensures the protection of policyholders, affiliates, members and beneficiaries of rights through the following:
- Monitoring the solvency of insurance and reinsurance companies and the financial sustainability of social welfare schemes.
- Ensuring compliance with the regulations applicable to each sector by the operators subject to its control.
- Monitoring business practices and investigating all the claims relating to transactions carried out by the entities subject to its control.
This monitoring is based on law No. 64-12 establishing ACAPS, No. 17-99 constituting the Insurance Code and those governing the mandatory pension schemes. Regarding the sector of mutual insurance agencies, the monitoring is conducted jointly with the Ministry of Employment.
Several missions fall under the responsibility of ACAPS and they all contribute to the achievement of priority goals of the protection of policyholders and the development of the insurance market.
Prudential supervision of Insurance and Reinsurance Companies operated by ACAPS is conducted through supervision and inspection missions. By controlling the solvency of the operators, ACAPS ensures that the financial situation of these operators allows them, at any time, to meet the commitments they have towards the policyholders.
To ensure the proper functioning of the insurance sector and to promote its development, ACAPS is in charge of the sector’s organization and structuring. For this purpose, ACAPS is competent to issue or withdraw licenses relating to the exercise of the insurance and reinsurance activity or the presentation of insurance transactions by insurance intermediaries and the alternative network.
The fundamental mission of ACAPS is to ensure that the rights of policyholders and contract holders are guaranteed. It works in this context, to get companies and insurance intermediaries to set up the necessary procedures and means to respond effectively, continuously and efficiently to requirements in relation to the following:
- Informing citizens about the characteristics of available cover offers in order to enable them to make informed decisions on insurance contracts and the practical arrangements for executing such contracts;
- Providing equitable treatment for insured persons, in particular with regard to their demands and claims, and the proper execution of their obligations and commitments toward policyholders as well as the design and marketing of insurance products that meet the needs of different consumer groups.
In this regard, ACAPS ensures the adequacy of the system implemented by insurers and insurance intermediaries to comply with these requirements. It also monitors compliance of the marketed insurance products with current regulations and ensures the rights of policyholders and beneficiaries of insurance contracts as provided by regulations and contract terms. It also ensures, through regular monitoring and supervision that the insurance sector practitioners comply with the best practices in the conduct of their business.
To meet the challenges of the insurance sector and support national and international developments, ACAPS has a regulatory competency. It thus takes circulars and proposes to the government draft laws and regulations.
The insurance sector practitioners are subject to law n° 43-05 relating to combating money laundering.
In this regard, ACAPS is responsible for ensuring compliance by the agencies under its supervision (insurance and reinsurance companies, distribution network) with the provisions relating to this law.
Strengthening financial stability and macro-prudential supervision
Established under the banking law, the Committee for Coordination and Surveillance of Systemic Risks (CCSRS) is a macro-prudential supervision and risk prevention system. The Committee is in charge of analyzing the risks to the stability of the financial system and proposing appropriate measures to mitigate the effects of such risks. By participating in this committee, ACAPS actively contributes to the stability of the financial system through a permanent analysis and monitoring of the risks weighing on the insurance and social welfare sector.
The development of financial education plays an important role in protecting client rights and contributes to the development of the financial sector. It allows consumers to better understand the financial products and services.
ACAPS contributes to the promotion of financial education in the fields falling within its scope of intervention through the implementation of dissemination and awareness-raising activities for the benefit of the public concerned.