Agma: FINANCIAL REPORT AS OF 31 December 2021


1) General legal and regulatory environment:

  • Communication by ACAPS to insurance companies of a circular letter relating to the payment of claims at the same time as the signing of the receipt,

  • Publication of the joint decree of the Minister of Employment and Justiceprovided for in application of Decree No. 2.17.421 which sets the procedures for monitoring compliance with Law 18-12 on accidents at work,

  • Publication of decree 2.19.903, of the head of government, setting the composition and mode of operation of the steering committee dedicated to the prevention program against EVCAT,

  • Validation, in cfailure to regulate ACAPS, the amendment of the general circular, concerning in particular:

    • admission bonds issued by public establishments and companies benefiting from the guarantee of the fund managed by the Caisse Centrale de Garantie under the same conditions as government or government-guaranteed bonds,

    • The admission of bonds superpetual bonds of banks under the same conditions as listed shares,

    • The extension of the admission in representation of the technical provisions to any other type of foreign assets after agreement of the ACAPS, without exceeding the limit of 5%,

    • the amenadjustment of the rules for calculating the minimum amount of the solvency margin for catastrophic events,

    • The rupward revision of the OPCI admission threshold to 30% instead of 10%,

    • The acesimplification of the procedures for granting approvals,

    • The introduction of certain provisions relating to the publication of information relating to the activity of insurance companies,

    • Theauthorization from the CNRA to present personal microinsurance operations to the public.

a) SBR Project

  • Holding several meetings of the Pillar 1 and Pillar 2 thematic groups with ACAPS and business representatives insurance and reinsurance,

  • Launch of external audit missions of the information systems of insurance companies in order tohave an appreciation of their level of maturity (security, performance, data quality, governance and organization).

    b) Life Insurance

  • Validation by the ACAPS Regulatory Commission of the amendment to the circular regarding :

    • The increase in the maximum period for spreading the provision for participation in profits from 3 years to 6 years,

    • The half-yearly calculation of the Life technical rate, which will now be carried out by the companies insurance.


c) Takaful

  • Taking into account, in the 2022 finance law and the circular note of the DGI, of the content of the mail sent by the FMSAR to the DGI relating to the specific tax treatment insurance TAKAFUL,

  • Publication of application texts for TAKAFUL insurance,

  • Granting, by ACAPSfour approvals for carry out Takaful insurance operations and a licenseent for a ReTakaful window,

  • Publication of the ACAPS instruction on the presentation of insurance operations

    Takaful by participatory banks and intermediaries,

  • Finalization Takaful insurance products (multi-risk building, investment and death-borrower),

  • Validation by the CNC of the work concerning the modification of the insurance chart of accounts to include the specifics of Takaful insurance.

    d) Digitization of the insurance sector 🙁Online sale of insurance products)

  • Implementation by ACAPS of an instruction projectaimed at insurance companies and the distribution network, specifying the terms and conditions to be observed for the implementation an electronic device for the online sale of insurance products,

  • Launch of a study, by ACAPS with IFC (GrWorld Bank), aiming to:

    • Defining directions sstrategic, promoting the acceleration of the digitization of the insurance sector in Morocco,

    • Rstrengthen financial inclusion,

    • Reduce vulnerabilities.

    e) Accident at work

  • Preparation by the Ministry of Employment of two draft texts regulatory:

    • Decrees setting the terms of application of the provisions of Law 18.12 relating to compensation for accidents at work for trainees and employees working in agricultural and forestry companies includingincluding ancillary services,

    • Joint order of the minister in charge of labor and the minister in charge of health concerning the fixing of the tariffs for medical, biological and surgical expenses, hospitalization and pharmaceutical costs for work accidents.

    f) Inclusive insurance

  • Regulatory developments concerning microinsurance: 2

ACAPS, in consultation with FMSAR and MEF, has prepared a draft amendment to its general circular including:

  • The definition of microinsurance,

  • The expansion of distribution channels to payment institutions,

  • Linencreation of dedicated reports,

  • Thinking about innovative concepts and products for aimprove access to insurance,

g) Anti-money laundering and terrorist financing mechanism

  • Publication, in early September 2021, of Law No. 12-18 amending and supplementing the Criminal Code and Law No. 43-05 on money laundering, which aims to strengthen regulations in this matter as well as the adoptionion of certain FATF standards,

  • Validation by the Regulatory Commission of the draft amendment of the circular from the Chairman of ACAPS n° AS/02/2019 (integration of the latest FATF recommendations),

  • Publication, by ACAPSof guide no. 3 on the typologies of money laundering and terrorist financing in the insurance sector.

    h) Critical infrastructure protection

Audit of the seats of a few insurance companies designated by the General Directorate of National Security (DGSN) as part of the national strategy to strengthen the protection of critical infrastructure in sectors of vital importance to our country.

2) Technical projects:

has) Amendment of the CICA convention and development of a new Extranet

Redesign of the CICA platform to allow entry into forceon March 01, 2021, of the new amendment to the place aimed at broadening the scope of application to victims whose PPI rate exceeds 10% provided that the liability is shared between the two insured parties.

b) Overhaul of the CID

Entry into force on 1er January 2022 of the new CID agreement.

this verdict

Deployment work progress of a solution “E-Observation” on a pilot site. This solution allows the inspectors to establish a geolocated and time-stamped electronic report from the place of the accident. Start of production is scheduled for April 2022.

d) Fight against fraud

  • Fine-tuning of Automobile Liability fraud scenarios assessed by the federation from the CRM database and raising awareness of insurance companies for analysis and exploitationtion of the detailed results of these scenarios,


e) Catastrophic events

As part of the EVCAT, development by the CAT of the claims management platform on behalf of the sector.

f) Occupational Diseases

Start of the study launched by ACAPS on the introduction of compulsory insurance against professional diseases.

g) National repository of insured vehicles

Progress of work to set up the national repository of insured vehicles. The latter is an essential prerequisite for the dematerialization of automobile certificates which will be initiated after discussion with the various stakeholders.

3) Miscellaneous:

has) ACAPS launches a platformrm of continuous e-learning training for the benefit of insurance intermediaries

The Insurance and Social Welfare Supervisory Authority has launched E-Wassit Taamine, an e-learning training program for the benefit of insurance intermediaries. This project takes place in the framework of support actions for players in the insurance sector, carried out by the Authority, especially intermediaries. The E-Wassit Taamine program covers six themes:

  • Environment and regulations,

  • Intermediation,

  • property insurance,

  • liability insurance,

  • personal insurance,

  • Takaful insurance.

As of December 2, 2021, 64 insurance intermediaries validated their training course. 60 of them received their certificates at a ceremony organized by the Authority.

b) ACAPS publishes a 2th guide on the “EVCAT Diet”

As part of its awareness-raising and information actions for the benefit of the general public, the Autorité has published a second information guide on the hedging regime against the results catastrophic events (EVCAT). It presents the specific features of the benefit system provided for by this scheme and intended for victims who have no insurance coverage.


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Agma S.A. published this content on April 16, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on Apr 15, 2022 21:11:16 UTC.

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Financial data

2020 turnover 131M
Net result 2020 50.2M
trso. net 2020 39.8M
PER 2020
2020 performance 6.32%
Capitalization 962M
VE / CA 2019 5.10x
VE / CA 2020 5.39x
Number of employees 161
Floating 31.5%

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