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Disclaimer: Crystal is provided for information purposes; it does not constitute solicitation of business and is not intended to be a substitute for appropriate professional advice. Information relating to Lloyd’s Brussels Subsidiary may be subject to regulatory approval.

Morocco Lloyd's
* Please see Authorisation for details of Lloyd's underwriters licensing status
Please see Authorisation for details of Lloyd's Brussels licensing status

Pre-placement considerations

Authorisation

Lloyd's

Insurance

Morocco (excluding CFC): Lloyd’s underwriters are not licensed to write insurance in or from Morocco.

Exceptions:

  • The Insurance Code allows non-admitted placement for aviation, marine and other risks provided cover cannot be found in Morocco. This is subject to prior approval by the Supervisory Authority of Insurance and Social Security (l'Autorité de Contrôle des Assurances et de la Prévoyance Sociale, ACAPS), .

Casablanca Finance City (CFC): Lloyd's underwriters can appoint service companies and coverholders in the CFC to write:

i) marine, aviation and other specialist insurance of Moroccan risks where cover cannot be found locally, subject to prior approval by ACAPS on a case by case basis, and

ii) non-Moroccan risks. This is subject to any restrictions governing the insurance of the risk in the jurisdiction in which that risk is situated.

Reinsurance

Lloyd’s underwriters are permitted to write reinsurance originating from Morocco on a cross-border basis and through service companies and coverholders located in the CFC.

  • As a member country of the African Union, local Moroccan insurance companies are required to cede 5% of each reinsurance treaty to Africa Re.
Last updated: 20 Sep 2017

click for more detail More detail

Compulsory classes

Lloyd's

The following classes are compulsory in Morocco:

  • Professional indemnity insurance for professional classes such as accountants, architects and insurance brokers.
  • Third party liability for motor vehicles (bodily injury and property damage). 
  • Liability for huntsmen.
  • Workers' compensation insurance.
  • Marine oil pollution arising from the International Convention on Civil Liability for Oil Pollution Damage.
  • Clinical trials.
  • All Property and motor insurance must cover damage caused by catastrophic events (Natural catastrophes, SRCC and acts of terrorism.
  • Construction all risk (CAR) insurance including third party liability of the principal, contractors, architects and engineers.
  • Decennial liability insurance.
Last updated: 16 Nov 2018

Tax - Overview

Summary of taxes applicable to insurance

Lloyd's
Lloyd's tax department does not handle taxes in this jurisdiction and currently holds no more information on taxes. Any tax liability identified as a result of writing insurance or reinsurance business should be notified to Lloyd's tax department.
Last updated: 26 Oct 2016

Distribution channels

Coverholder business

Lloyd's
As Lloyd's is not licensed in this territory, a Lloyd's underwriter may not grant a binding authority to a coverholder located in this country.

Last updated: 29 Sep 2016

Intermediary regulation

Lloyd's
Intermediaries (brokers or agents) must be authorised to transact insurance business.
Last updated: 26 Oct 2016

Insurance documentation

Insurance documents

Lloyd's

Contract certainty applies to general insurance contracts either entered into by a UK regulated insurer (such as Lloyd’s underwriters) or arranged through a UK regulated broker (such as Lloyd’s brokers based in the UK).

Lloyd's has developed Quality Assurance (QA) checks to help the market comply with this requirement.

Further information on contract certainty can be found on the Market Reform website

Last updated: 13 Feb 2019


Choice of law

Lloyd's
Lloyd’s is not a licensed insurer in this territory.

Lloyd’s underwriters therefore write insurance business emanating from this territory either as reinsurance or as insurance on an exempt or non-admitted basis.

A contract should include a choice of law clause and an underwriter can agree with an insured the country’s law that the choice of law clause will specify.
Last updated: 26 Oct 2016

Jurisdiction

Lloyd's
Lloyd’s is not a licensed insurer in this territory.

Lloyd’s underwriters therefore write insurance business emanating from this territory either as reinsurance or as insurance on an exempt or non-admitted basis.

A contract should include a clause specifying the jurisdiction that will apply and an underwriter can agree with an insured the jurisdiction that will be specified. Nevertheless, this designation may not be effective in the event of a dispute.
Last updated: 26 Oct 2016