Conditions and formalities to obtain insurance intermediary authorization
An insurance intermediary is a legal person or legal entity providing insurance operations, on behalf of an insurance and reinsurance company, to the general public.
Requirements:
Applications for insurance broking firm authorization are submitted directly to the Ministry of Finance, while applications relating to legal-person or legal-entity brokers are submitted to the Ministry by the insurance and reinsurance company the broker represents.
Prospective managers legally in charge of insurance broking firms and legal-entity insurance brokers, as well as those in charge of legal-person insurance brokers, must fulfill the requirements for legal persons:
To be a Moroccan national.
To hold a B.A degree issued by a national university or a degree deemed equivalent by the local administration.
To have attended training or to have had 2-year professional experience in the insurance sector.
To pass the professional examination.
Insurance broking firms and legal-person brokers must comply with legal-entity requirements:
To operate under Moroccan law, with headquarters located in Morocco.
To hold 50% minimum of capital held by legal persons of Moroccan nationality or legal entities under Moroccan law, with the possible exception of free trade agreements signed by Morocco with other countries, duly ratified and published in the Official Bulletin (law amendment nº 17-99, dahir law of 14th February 2006).
Documents required for applying for the professional examination:
Applications for insurance broking authorization are addressed to the Ministry of Finance:
Directly by the applicant.
By the insurance and reinsurance company on behalf of its prospective broker.
Applications must specify insurance operations applicants intend to provide, and must include, with regard to the applicant taking the examination, the following documents:
1 copy of national identity card.
2 passport-size photographs.
1 birth certificate dating less than 3 months.
1 copy of anthropometric file dating less than 3 months.
1 certified copy of university degree (required in article 304 of law nº 17-99).
1 certificate stating that applicant attended training for a minimum of 6 months at an insurance or reinsurance company, at a broking firm, or at the state administration overseeing the insurance sector.
Information regarding the professional examination:
The date of the professional examination is set by the Ministry of Finance and is publicized, three months in advance, in newspapers entitled to run legal announcements.
The professional examination covers all operations included in articles 159 and 160 of law nº 17-99. However, applicants are only tested on loan, guarantee, and reinsurance operations specified in their applications.
Additional documents required for applicants who pass the examination:
To be issued an authorization, applicants who pass the examination must provide the following additional documents:
For legal persons:
An honor pledge.
A copy of professional civil liability insurance contract.
A certificate of registration of trade-name on the trade register, if applicable.
A copy of appointment document.
For legal entities:
An honor pledge by the manager legally liable.
A copy of professional civil liability insurance contract.
A copy of appointment document, for insurance brokers.
A certified copy of company legal statuses.
A roll of shareholders or associates, including amount and distribution of registered capital.
A certificate of registration of legal entity on the trade register.
Application files which are not completed, within 12 months of the examination, with the documents above, will be rejected.
For insurance brokers, applicants may operate under the legal person or legal entity status.
