Morocco - Covid-19: Insurers adapt to the current situation
Tuesday, 03 24 2020, Category: Insurance and Reinsurance, Country: Morocco
Insurers have taken a series of measurements to facilitate the daily lives of the insured, beneficiaries of benefits and insurance agents and brokers.
The objective is to provide the services necessary to maintain the guarantees and benefits in this health crisis. Two important decisions have been made. The first concerns health insurance. From now on, the contracts validly cover medical and pharmaceutical acts linked to Covid-19. With regard to “accident at work” contracts, they also cover teleworking, as long as it is authorized by the employer, excluding household accidents.
This emerged from the meeting held Friday, March 20, between the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) and the Authority of Control and Insurance and Social Security (ACAPS). Among the proposals made is also the renewal of automobile insurance certificates at this time. Certificates that expired on March 20 will continue to have effect until the end of April. The insured will be able to renew their contracts until the end of this period. “They will then pay a global premium including that relating to the extension period,” said FMSAR in this regard. Stating that “this measure applies to both renewable contracts by tacit agreement and to fixed-term contracts”.
The FMSAR and ACAPS also indicate the possibility of reassessing the situation in the event that the state of health emergency lasts beyond the end of the month. Regarding the measures to be taken towards insurance brokers and agents, the Federation indicates that insurance companies, in consultation with their Supervisory Authority, will put in place a certain number of measures to support their distribution networks in this area. hard time.
The FMSAR and ACAPS have also set up accompanying regulatory measures. To this end, the Authority reaffirms its desire to support the insurance sector in the effort undertaken in the face of this pandemic. ACAPS has thus expressed its willingness to relax certain prudential measures, in particular with regard to the provisioning of claims on intermediaries and insured by insurance companies.