Foreign insurance company branch

Foreign insurance company branch
Procedures for opening branches of foreign insurance companies:

The opening in Algeria of branches of foreign insurance companies is subject to prior authorization issued by order of the Minister in charge of finance.

The request for opening must be addressed to the minister responsible for finance by the chairman of the board of directors of the foreign insurance company concerned. (Articles 2 and 3 of the decree of February 20, 2008).

The authorization request specifying the insurance operations to be carried out must be accompanied by a file comprising the following elements (article 3 of the decree):

Elements relating to the foreign insurance company concerned (parent company):

    a copy of the articles of association;
    a document justifying the approval of the company in its country of origin;
    an extract from the commercial register or any official document in lieu thereof;
    a document justifying the security deposit (Article 216 of Ordinance No. 95-07 amended and supplemented).

Details of the branch

    an extract from the criminal records of the two main managers of the branch;
    the curriculum vitae and documents justifying the professional qualifications of the main managers;
    elements presenting the internal organization of the branch.

The security deposit is made with the Public Treasury and must be at least equal to the minimum capital payable, as the case may be, to approved insurance and / or reinsurance companies and must be justified at all times. He is released on release issued by the Director General of the Public Treasury, after consulting the Insurance Supervision Commission (article 4 of the decree).

The parent insurance company must appoint at least two people to whom it entrusts the management of its branch in Algeria (article 5 of the decree).

Any modification made in the articles of association of the insurance company in relation to the elements provided during the authorization request must be brought to the attention of the insurance supervision commission within a maximum period of one (1) month (art .6 of the decree).

 

 

 I. Legislative and regulatory references:

    Ordinance n ° 95/07 of January 25, 1995 relating to insurance modified and supplemented by Law 06-04 of February 20, 2006, book III, title I and title II, articles 204 quater and 216 (OJ n ° 15 of March 12, 2006 ).
    Executive Decree No. 95-344 of October 30, 1995 relating to the minimum capital of insurance companies, amended and supplemented by Executive Decree 09-375 of November 16, 2009 (OG No. 67 of November 19, 2009).
    Order of February 20, 2008 setting the procedures for opening branches of foreign insurance companies (OJ No. 17 of March 30, 2008).

Other provisions:

    Executive decree n ° 96-267 of August 3, 1996 setting the conditions and modalities for granting authorization of insurance and / or reinsurance companies (OJ n ° 47 of August 7, 1996) amended and supplemented by executive decree n ° 07-152 of May 22, 2007 (OJ n ° 35 of May 23, 2007).
    Executive Decree No. 95-338 of October 30, 1995, relating to the establishment and codification of insurance operations amended and supplemented by Executive Decree No. 02-293 of September 10, 2002.

II.