The creation of the Supervisory Authority of Insurance and Social Welfare (ACAPS) by the Law No. 64-12 that entered into force on April 14, 2016, marks an additional step in the modernization of the Moroccan financial sector.

Created to replace the Department of Insurance and Social Welfare (Ministry of Economy and Finance), ACAPS is the competent authority for the supervision of insurance and reinsurance companies, insurance intermediaries as well as the social welfare organizations (pension funds, mutual social welfare agencies and management bodies of the compulsory health insurance).

ACAPS has wide powers in the regulation and supervision of the sectors it supervises, in the interests of policyholders, affiliates and beneficiaries of rights. It is thus in charge of the following:

  • Regulation and standardization through the granting of licenses and/or authorizations and the introduction of market rules and operating standards;
  • Supervision of the solvency of Insurance and Reinsurance Companies and the financial sustainability of social welfare systems and organizations;
  • Ensuring compliance with the rules applicable to each sector by the operators subject to its control;
  • Protection of policyholders, affiliates, members and beneficiaries of rights;
  • Monitoring business practices and investigating all the claims relating to transactions carried out by the entities subject to its control.

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ACAPS also has other missions such as:

  • Raising financial awareness and Education
  • Ensuring compliance with legal provisions in combating money laundering and terrorist financing.
  • Contributing to the macro-prudential supervisory mechanism for crisis prevention and management within the framework of the Systemic Risk Coordination and Monitoring Committee alongside Bank Al Maghrib and the Moroccan Capital Market Authority.
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Going further : Law 64.12

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