Assahafa.com
Morocco’s Supervisory Authority of Insurance and Social Welfare (ACAPS) and Madagascar’s Commission for the Supervision of Banking and Finance (CSBF) signed a memorandum of understanding on Tuesday in Nosy-Be (Madagascar) aimed at framing and structuring their cooperation in the supervision of insurance and reinsurance activities.
Signed by ACAPS President Abderrahim Chaffai and CSBF President Aivo H. Andrianarivelo, this agreement reflects a shared wish to strengthen institutional relations and support a coordinated approach to supervision based on regular dialogue and a better understanding of respective practices, according to a press release from ACAPS.
Through this partnership, the two authorities intend to develop cooperation arrangements tailored to the common challenges facing the insurance sector, particularly in terms of the financial soundness of operators, risk management, protection of policyholders, and adaptation of supervisory frameworks to changing markets and practices.
As part of a South-South cooperation momentum, this agreement demonstrates the shared commitment of ACAPS and CSBF to strengthening institutional capacities and enshrining effective insurance supervision, with a view to contributing to the stability, integrity, and proper functioning of insurance markets, in the interests of protecting policyholders and beneficiaries of insurance contracts.
The CSBF is responsible for regulating, controlling, and supervising banking, financial, and similar institutions in Madagascar. It ensures a sound national financial system, stable institutions under its control, and compliance with the prudential and governance rules applicable to operators in the sector.
In the insurance sector, this commission performs specific supervisory and control tasks aimed at ensuring the creditworthiness of the insurance sector, sound risk management, and the protection of policyholders and beneficiaries of insurance contracts.
Source: map
