Morocco Revises Car Insurance Policies: New Rules for Premium Payments and Renewals

In a circular, the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR) specified that policyholders will have to pay the overall premiums, including those covering the extension period, with the incumbent company at the time of renewal.

It also stressed that the extension period corresponds to the duration between the contract end date and the date the insured is present with the intermediary to renew, without exceeding April 30.

Adjustments have nevertheless been made to the "Web service CRM" with details of the various possible cases to ensure the proper implementation of this measure.

According to the FMSAR, insurance companies and the FMSAR will carry out rigorous monitoring to ensure compliance with these provisions. It also points out that any failure to comply with the circular will have a financial impact on the intermediary’s account with the company with which he has placed the business.