The Algerian government has announced the finalization of a bill governing the insurance business in the country. The final document combines the existing legislative arsenal and the new regulatory provisions in a single text.
Atlas Magazine reported that the new text is aimed at enhancing the attractiveness of the sector and adapting local insurance to both national and international economic developments.
According to Atlas Magazine, the new provisions mainly cover:
The establishment of an independent market regulatory authority to replace the current supervisory commission.
The consecration of Takaful Insurance.
The online marketing of insurance products.
The reintroduction of compulsory insurance for goods and equipment imported by sea or air.
The extension of compulsory fire insurance to the private sector.
The development of space insurance.
The introduction of an internal control system within companies to monitor and manage risks and prevent money laundering.
Combating insurance fraud.
The introduction of new distribution channels.
The generalization of out-of-court settlements for motor claims.
The simplification of compensation procedures for natural catastrophe victims.
. Increasing penalties for failure to ensure compulsory risks.
