Morocco Mandates Disaster Insurance for All Residents Starting 2020
The President of the Insurance and Social Affairs Supervisory Authority (ACAPS), Hassan Boubrik, stated that insurance, in the event of a disaster, including natural disasters and terrorism, will be introduced in Morocco at the beginning of 2020. All Moroccan residents are concerned.
The draft decree implementing Law No. 110-14 of August 25, 2016, establishing a system for covering natural disasters, was adopted by the Moroccan Government Council on March 21, 2019.
According to challenge.ma, this project sets up a dual compensation system: an indemnity system for victims holding an insurance contract and an allocative system for other uninsured victims.
Regarding these categories of people, Hassan Boubrik explained that they will benefit from the new Solidarity Fund in the event of a disaster. According to the details received by the site, the Fund would be operational from 2020 and a new 1% tax on premiums and contributions paid under insurance policies, with the exception of life insurance, will be levied to finance the Fund.
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