MOROCCO INSURANCE CODE
LexInter | November 9, 2015 | 0 Comments

MOROCCO INSURANCE CODE

Premium due date: date on which payment of a premium is due.

Contract expiry: date on which the insurance contract expires.

Technical provisions: savings accounts accumulated by the insurance and reinsurance company to meet its commitments to policyholders and beneficiaries of insurance contracts, including the mathematical provision which represents the difference between the current values ​​of the commitments respectively taken by the insurer and the insured.

Notice of termination: contractual or legal deadline which must be observed by the party wishing to terminate the insurance contract.

Exclusion: event or condition of a person not covered, being excluded from the guarantee.

advance payment to the insured of a percentage of savings made under a life insurance contract. The redemption of all the savings terminates the contract.

Insurance contribution: sum, corresponding to the premium, due by the insured in return for an insurance contract taken out with mutual insurance companies.

Insurance proposal: document submitted by the insurer or its representative to a possible insured and on which the latter must provide the information necessary for the insurer for the assessment of the risk to be covered and the setting of the conditions of cover.

Commitment: amount of the guarantee granted by the insurer under the insurance contract.

automatic renewal of the insurance contract at the end of each guarantee period.

Insurance policy: document materializing the insurance contract. It indicates the general and specific conditions.

Effect of the contract: date from which the risk is assumed by the insurer.

Personal insurance : insurance covering risks the occurrence of which depends on the survival or death of the insured, as well as maternity and insurance against sickness, incapacity and invalidity.

Underinsurance: term used when the sum declared to the insurer is less than the real value of the insured risk.

Counterinsurance:guarantee consisting in reimbursing the net premiums, possibly increased by interest, on the death of the insured before the expiry of a contract taken out in the event of life.

Term insurance in the event of death: insurance guaranteeing the payment of a capital or an annuity in the event of the death of the insured, provided that the death occurs before a date determined in the contract. If the insured survives until this date, no benefit is due by the insurer and the premiums are acquired.

Reduction: operation which determines the new capital or the new guaranteed annuity called “reduction value”, to which an insured person who has paid part of the annual premiums, within the framework of a life insurance contract, will be entitled. and who stops paying his premiums.

Abandonment:transfer of ownership of the insured item, in the event of a claim, to the benefit of the insurer against payment to the insured of the total amount guaranteed.

Advance: loan, granted by the insurer to the subscriber, guaranteed by the amount of the mathematical provision of the life insurance contract.

Insurance compensation : sum paid by the insurer in accordance with the provisions of the contract in compensation for the damage suffered by the insured or the victim.

Loss: occurrence of the event provided for in the insurance contract.

Legal subrogation: substitution of the insurer in the rights and actions of the insured in return for the payment of the indemnity.

Deductible:sum which, in the settlement of a claim, always remains the responsibility of the insured.

Insured capital: value declared in the contract and constituting the limit of the insurer’s commitment.

Surprime: increase in the insurance premium following an increase in the insured risk.

Forfeiture: loss of the right to compensation for a claim following non-compliance by the insured with one of his commitments, without this leading to the nullity of the contract.

Foreclosure: loss of the right to appeal.

Insurance conditions: set of clauses constituting the bases of the agreement between the subscriber and the insurer.

Insurance certificate :certificate issued by the insurer, confirming the existence of the insurance.

Insurance contract: agreement between the insurer and the subscriber to cover a risk and noting their reciprocal commitments.

Life insurance contract : contract by which, in return for single or periodic payments, the insurer guarantees services whose performance depends on the survival or death of the insured.

Capitalization contract:insurance contract where the probability of death or survival is not involved in determining the benefit in the sense that in exchange for one-off or periodic premiums, the beneficiary receives the capital constituted by the payments made, increased by interest and profit sharing.

Commission: remuneration awarded to the insurance intermediary, business provider or manager.

Termination: early termination of an insurance contract at the request of either party, or automatically when provided for by law.

Proportional rule: principle of damage insurance under which, in the event of a claim, compensation is reduced in the proportion:

– the ratio between the guaranteed sum and the value of the insured item, if there is underinsurance;

– the ratio between the premium actually paid and that owed by the insured, if there is an insufficient premium in relation to the characteristics of the risk.

Premium: sum owed by the subscriber of an insurance contract in return for guarantees granted by the insurer.

Pure premium: amount representing the cost of the risk covered, as calculated by actuarial methods on the basis of statistics relating to the said risk.

Duration of the contract: duration of the reciprocal commitments of the insurer and the insured under the insurance contract.

Cover note:document confirming the commitment of the insurer and the insured and proving the existence of an agreement pending the establishment of the insurance policy.

Beneficiary: natural or legal person designated by the subscriber and who receives the capital or the annuity due by the insurer.

Subscriber or contractor: legal or natural person who contracts insurance for his own account or for the account of others and who therefore commits himself to the insurer for the payment of the premium.

Rider: additional agreement between the insurer and the insured modifying or supplementing an insurance policy of which it is an integral part.

Insurer: company approved to carry out insurance operations insurance.

Insured:natural or legal person on whom or on whose interests the insurance is based.

Premium rate: proportion of the insurance premium in relation to the insured capital.

Event: any circumstance likely to cause or having caused a claim.

Article 2: This book only concerns land insurance. It is not applicable to maritime insurance, nor to river insurance, nor to credit insurance, nor to reinsurance agreements concluded between insurers and reinsurers.

There is no derogation from the provisions of the legislation in force relating to insurance governed by specific texts, which have not been expressly repealed by this law.

Article 3: The prescriptions of this book cannot be modified, by agreement, except those which give the parties a simple option and which are contained in articles 9, 15, 16, 32, 40, 43, 44, 45, 47, 49, 51, 52, 56, 61, 63, 64, 67, 77, 81, 83 and 84 of this law.

Article 4: In all cases where the insurer reinsures itself against the risks it has insured, it remains solely responsible vis-à-vis the insured.

Article 5: Several different risks, in particular by their nature or by their rate, can be insured by a single policy. Several insurers can also take out a single policy.

Article 6: The duration of the contract is fixed by the police. However and subject to the following provisions relating to life insurance, the insured has the right to withdraw at the expiration of a period of three hundred and sixty-five (365) days from the date of subscription of the contract subject to informing the insurer, under the conditions provided for in this article, with a notice at least equal to the minimum fixed by the contract. This right also belongs to the insurer. It must be recalled in each contract. The minimum notice period must be between thirty (30) days and ninety (90) days. However, the minimum notice period relating to the termination of the risk coverage referred to in article 45 of this book may be less than thirty (30) days.

When the duration of the contract is greater than one year, it must be recalled in very visible characters by a note appearing above the signature of the subscriber. This clause must be recalled in each contract.

In the absence of this mention, the subscriber may, notwithstanding any clause to the contrary, terminate the contract without compensation each year, on the anniversary date of its effective date, with thirty (30) days’ notice.

In the absence of any mention of duration or when this is not mentioned in very visible characters, the contract is deemed to have been taken out for one year.

Article 7: When the parties agree to the extension of the contract by tacit agreement, it must be specified in the contract. The contract must also mention that the duration of each of the successive extensions of the contract by tacit agreement may not, in any case, be greater than one year.

Article 8: In all cases where the subscriber has the option of requesting termination, he may do so at his option and notwithstanding any clause to the contrary, either by a declaration made against receipt at the head office of the insurer, or by extrajudicial act , either by registered letter or by any other means indicated in the contract.

In all cases where the insurer has the option of requesting termination, it may do so, by registered letter, to the last domicile of the subscriber known to the insurer.

Article 9: Insurance can be taken out by virtue of a general or special mandate or even without a mandate, on behalf of a specific person. In the latter case, the insurance benefits the person on whose behalf it was taken out, even though the ratification would only take place after the loss.

Insurance can also be taken out on whose behalf it will belong. This clause is valid, both as insurance for the benefit of the subscriber of the contract, and as a stipulation for others for the benefit of the known or possible beneficiary of said clause.

The subscriber of an insurance contracted on whose behalf he will belong is the only one liable to pay the premium to the insurer; the exceptions that the insurer could raise against it are also opposable to the beneficiary of the contract, whoever it is.

Article 10: Prior to taking out the contract, the insurer provides the insured with an information notice which describes in particular the guarantees with exclusions, the price relating thereto and the obligations of the insured.

The insurance proposal does not bind the insured or the insurer; only the contract establishes their reciprocal commitments.

The proposal made by registered letter to extend or modify a contract or to reinstate a suspended contract is considered to be accepted, if the insurer does not refuse this proposal within ten (10) days after it has reached it.

The provisions of the 3 rd paragraph of this article are not applicable to life insurance.

Chapter II: Proof of the insurance contract, forms and transmission of contracts Article 11: The insurance contract must be drawn up in writing, in visible characters. Any addition or modification to the original insurance contract must be recorded in a written addendum signed by the parties.

These provisions do not prevent the insurer and the insured from being committed to each other, even before the issue of the contract or the rider, by the remission of ‘a cover note.

Article 12: The insurance contract, which indicates the general and specific conditions, is dated on the day it is taken out. It provides in particular:

– the name and domicile of the contracting parties;
– the things and persons insured;
– the nature of the risks covered;
– the moment from which the risk is guaranteed and the duration of this guarantee;
– the amount of the guarantee granted by the insurer;
– the insurance premium or contribution;
– the condition of tacit renewal if it is foreseen;
– the cases and conditions for the extension or termination of the contract or the cessation of its effects;
– the obligations of the insured at subscription with regard to the declaration of risk and other insurance covering the same risk;
– the terms and conditions of the declaration to be made in the event of a claim;
– the time limits within which the indemnity, capital or annuity is paid;
– the procedure and rules relating to the estimation of damages with a view to determining the indemnity for insurance other than liability insurance.

Article 13: The insurance contract must also:

– recall the provisions of this book relating to the proportional rule when this is not automatically applicable or excluded by an express stipulation as well as the provisions relating to the prescription of actions deriving from insurance contracts;

– include a special clause stating that in case of withdrawal of approval of the business of insurance and reinsurance contracts written are terminated as of right from the 20 th day at noon, after the publication of the decree revoking the approval of the ” Official Bulletin ” in accordance with article 267 of this law.

Article 14: Subject to the special provisions for liability insurance, the clauses of contracts enacting the nullities provided for in this book, forfeitures, exclusions or cases of non-insurance are only valid if they are mentioned in very visible characters.

Article 15: The insurance contract can be named person, to order or to bearer.

Promissory contracts are transmitted by endorsement, even in blank.

This article is, however, applicable to life insurance contracts only under the conditions provided for in article 73 below.

Article 16: The

Chapter III: The obligations of the insurer and the insured Article 17: Losses and damage caused by fortuitous events or caused by the fault of the insured are the responsibility of the insurer, except formal and limited exclusion contained in the contract. However, the insurer is not liable, notwithstanding any agreement to the contrary, for losses and damages resulting from willful or willful misconduct by the insured. Article 18: The insurer is responsible for losses and damages caused by persons for whom the insured is civilly liable by virtue of article 85 of the dahir of 9 Ramadan 1331 (12 August 1913) forming the Code of obligations and contracts, whatever be the nature and seriousness of the faults of these persons. Article 19:

When the guaranteed risk materializes or at the end of the contract, the insurer is required to pay the indemnity or the sum determined according to the contract within the agreed period.

The insurer cannot be held in excess of the sum insured.

Any clause by which the insurer prohibits the insured or his representative from calling him into question or calling him as a guarantee during the settlement of claims is prohibited.

Article 20: The insured is obliged:

1 ° to pay the premium or contribution on the agreed dates;

2 ° to declare exactly, at the time of the conclusion of the contract, all the circumstances known to him which are such as to make the insurer assess the risks he assumes;

3 ° to send to the insurer, on the dates fixed by the contract, the declarations which may be necessary for the insurer to determine the amount of the premium, when this premium is variable;

4 ° to declare to the insurer, in accordance with article 24 of this law, the circumstances specified in the policy which have the consequence of aggravating the risks;

5 ° to give notice to the insurer, as soon as he becomes aware of it and at the latest within five (5) days of its occurrence of any loss likely to trigger the insurer’s cover.

The above declaration deadlines cannot be reduced by agreement to the contrary; they may be extended by mutual agreement between the contracting parties.

The forfeiture resulting from a clause of the contract cannot be opposed to the insured who justifies that he was made, as a result of a fortuitous event or of force majeure, in the impossibility of making his declaration within the time limit. .

The provisions of paragraphs 1 °, 4 ° and 5 ° above are not applicable to life insurance. The time limit provided for in paragraph 5 of this article does not apply to insurance against livestock mortality and theft.

Article 21: Unless otherwise specified in the contract, the premium is payable at the domicile of the insurer or of the agent appointed by him for this purpose.

In the absence of payment of a premium or a fraction of a premium within ten (10) days of its due date and regardless of the insurer’s right to pursue the execution of the contract in court, the latter may suspend the guarantee. twenty (20) days after the insured’s formal notice. In the event that the annual premium has been split, the suspension of the guarantee intervened in the event of non-payment of one of the premium fractions, takes effect until the expiry of the remaining period of the insurance year. . The premium or fraction of premium is, in all cases, portable after formal notice from the insured.

The insurer has the right to terminate the contract ten (10) days after the expiration of the twenty (20) day period mentioned above.

The non-terminated contract resumes its effects for the future at noon of the day following the day on which the overdue premium was paid to the insurer or to the agent appointed by him, or in the event of splitting of the annual premium, the premium fractions having is the subject of the formal notice and those expired during the period of suspension as well as, possibly, the costs of prosecution and recovery.

When the formal notice is sent outside Morocco, the period of twenty (20) days mentioned in the second paragraph is doubled.

Any clause reducing the time limits set by the preceding provisions or exempting the insurer from the formal notice is deemed unwritten.

The provisions of paragraphs 2 to 6 of this article are not applicable to life insurance.

Article 22: The formal notice provided for in Article 21 above results from the sending of a registered letter addressed to the insured or to the person responsible for paying the premium at their last domicile known to the insurer. . If this domicile is located outside Morocco, the registered letter is accompanied by a request for acknowledgment of receipt. This letter, the establishment and sending costs of which are the responsibility of the insurer, must expressly indicate that it is sent as a formal notice, indicate the amount, the due date of the premium and reproduce the article 21 above.

Article 23: Termination of the contract, reached in accordance 3 eparagraph of Article 21 above, takes effect only if the premium or fraction of the premium has not been paid before the expiry of the ten (10) day period provided for in the 3 rd paragraph of Article 21 above. -above.

The termination, which must be notified to the insured by registered letter, takes effect at the end of the 30 th day of the date of dispatch of the letter of formal notice under Article 21 above. However, when the formal letter is sent outside of Morocco, termination shall take effect until the expiration of the 50 th day from the date of dispatch of the letter.

Article 24: When, by his fact, the insured person aggravates the risks in such a way that if the new state of affairs had existed when the contract was taken out, the insurer would not have contracted or would have done so only at a premium high, the insured must first declare it to the insurer by registered letter.

When the risks are aggravated, without the action of the insured, the latter must make a declaration to the insurer by registered letter within eight (8) days from the moment he became aware of it.

In either case, the insurer has the option of either terminating the contract or proposing a new premium rate. If the insurer opts for termination, it shall take effect on 10 thday of notification of the notice of termination by registered letter and the insurer must then reimburse the insured for the portion of the premium or contribution relating to the period during which the risk did not run.

If the insured does not follow up on the insurer’s proposal or if he expressly refuses the new rate within thirty (30) days of notification of the proposal, the insurer may terminate the contract. at the end of this period, on condition of having informed the insured of this option, by making it appear in visible characters in the letter of proposal.

However, the insurer can no longer claim the aggravation of the risks when, after having been informed in any way whatsoever, he has expressed his consent to the maintenance of the insurance, especially by continuing to receive the premiums or by paying compensation after a loss.

Article 25: If, in determining the premium, special circumstances, mentioned in the policy, which aggravate the risks have been taken into account and if these circumstances disappear during the course of the insurance, the insured is entitled, notwithstanding any agreement to the contrary , a reduction in the amount of the premium. If the insurer does not consent to this within twenty (20) days of the insured’s request made by declaration against receipt or by registered letter, the latter may terminate the contract. Cancellation then takes effect at the expiration of the aforementioned period and the insurer must reimburse the insured for the portion of the premium or contribution relating to the period during which the risk did not run.

Article 26: In cases where the contract provides for the option of termination after a disaster for the insurer, this termination can only take effect within thirty (30) days of receipt of the notification by the insured. The insurer who, after thirty (30) days after learning of the loss, has accepted payment of the premium or contribution or of the fraction of the premium or contribution that expires after the loss, cannot no longer take advantage of this loss to terminate the contract.

By way of derogation from the above provisions, in matters of motor vehicle liability insurance referred to in article 120 below, the insurer may not avail itself of the provisions of the above paragraph.

In the case provided for in the first paragraph, the contract must recognize the right of the insured, within thirty (30) days after the termination of the contract having recorded a claim, to terminate the other contracts. insurance that he may have taken out with the insurer. This termination takes effect thirty (30) days from the receipt of the notification to the insurer of the termination by the insured of the other contracts.

The right of termination open to the insurer and to the insured by this article entails restitution, by the insurer, of portions of premiums or contributions relating to the period for which the risks are no longer guaranteed.

Article 27: In the event of bankruptcy or judicial liquidation of the insured, the insurance remains for the benefit of the mass of creditors who become debtors to the insurer for the amount of premiums due from the collapse or the opening of the liquidation. judicial.

The body of creditors and the insurer nevertheless retain the right to terminate the contract for a period of ninety (90) days from the date of the collapse or the opening of judicial liquidation; the portion of the premium relating to the time during which the insurer no longer covers the risk will be returned to the body of creditors.

In the event of judicial liquidation of the insurer, the contract ends thirty (30) days after the declaration of judicial liquidation, subject to the provisions of article 96 below. The insured can claim the reimbursement of the premium paid for the time when the insurance no longer runs.

Article 28: In the event of the death of the insured or alienation of the insured thing, the insurance continues as of right for the benefit of the heir or the purchaser, on condition that the latter perform all the obligations owed by the insured to the insurer by virtue of the contract.

It is free, however, either to the insurer or to the heir or the purchaser, to terminate the contract. The insurer may terminate the contract within ninety (90) days from the day on which the final beneficiary of the insured objects has requested the transfer of the contract in his name.

The provisions of the 2 nd paragraph of this article are not applicable to insurance against hail and death of livestock.

In the event of alienation of the insured thing, the alienator remains liable vis-à-vis the insurer for the payment of the premiums due, but he is released, even as the guarantor of the premiums due, from the moment he has informed the insurer of the alienation by registered letter.

When there are several heirs or several purchasers, if the insurance continues, they are jointly and severally liable for the payment of the premiums.

Any clause stipulating for the benefit of the insurer, as damages, is void a sum exceeding the amount of the premium for one year in the event of the death of the insured or the alienation of the thing insured if the heir or the purchaser opts for the termination of the contract.

Article 29: By way of derogation from the provisions of article 28 above, in the event of the alienation of a land motor vehicle not linked to a railroad or of its trailers or semi-trailers, and only with regard to the alienated vehicle, the insurance contract is automatically terminated on the date of registration of the vehicle in the name of the new owner and if it is a vehicle not subject to registration, the termination takes effect eight (8) days after the day of the assignment.

In this case, the insurer must reimburse the insured for the portion of the premium or contribution relating to the period during which the risk did not run.

The insured and the insurer may agree by amendment, before the sale of the vehicle,

The insurance remains in force for the other vehicles guaranteed by the contract and which remain in the possession of the insured.

Article 30: Regardless of the ordinary causes of nullity, and subject to the provisions of article 94 below, the insurance contract is null in the event of reluctance or intentional false declaration on the part of the insured when this reluctance or this false declaration changes the object of the risk or diminishes the opinion of the insurer, even though the risk omitted or misrepresented by the insured had no influence on the loss.

The premiums paid then remain vested in the insurer who is entitled to payment of all premiums due as damages.

The provisions of the second paragraph of this article are not applicable to life insurance.

Article 31: The omission or the inaccurate declaration on the part of the insured whose bad faith is not established does not entail the nullity of the insurance.

If the said omission or inaccurate declaration is noted before any loss, the insurer has the right either to maintain the contract with a premium increase accepted by the insured, or to terminate the contract ten (10) days after notification to the insured by registered letter, returning the portion of the premium paid for the time the insurance no longer runs.

In the event that the recognition only takes place after a claim, the compensation is reduced in proportion to the rate of premiums paid compared to the rate of premiums that would have been due, if the risks had been fully and accurately declared.

Article 32: In insurances where the premium is deducted either because of wages or turnover or according to the number of people or things covered by the contract, it may be stipulated that, for any error or omission in the declarations serving as the basis for setting the premium, the insured must pay, in addition to the amount of the premium, an indemnity which may in no case exceed twenty percent (20%) of the omitted premium.

It may also be stipulated that when the errors or omissions are, by their nature, their importance or their repetition, of a fraudulent nature, the insurer will be entitled to repeat the paid claims, regardless of the payment of the compensation. above expected.

Article 33: The requisition of the ownership of all or part of a thing entails, to the very extent of the requisition, termination or reduction of the scope of the insurance contract relating to this thing, on the day of the transfer of ownership. However, the insurer and the insured may agree to substitute for termination the simple suspension of the effects of the contract with a view to subsequently re-establishing it for similar risks.

The insured must, by registered letter and within thirty (30) days from the day on which he became aware of the transfer of ownership, notify the insurer, specifying the goods to which the requisition relates. Where applicable, he declares whether he is requesting suspension of the contract instead of termination. In the absence of notification within this period, the insurer will be entitled, by way of damages, to the fraction of the premium corresponding to the time elapsed between the requisition and the day on which it becomes aware of it.

In the event of termination, the insurer must, subject to possible deduction of said damages, return to the insured the portion of the premium paid in advance and relating to the time when the risk is no longer run.

In the event of suspension, this portion of the premium is kept by the insurer to the credit of the insured and bears interest at the legal rate.

Article 34: The requisition of the use of all or part of a thing entails, by operation of law, to the very extent of the requisition, suspension of the effects of the insurance covering the risks relating to the use of the thing, both from the point of view of the payment of the premiums and of the guarantee without either the duration of the contract, nor the respective rights of the parties as regards this duration being modified.

The suspension takes effect on the date of possession notified to the service provider in the requisition order or in a subsequent order; in the absence of notification, it takes effect on the date established by the requesting authority for effective possession, or if this proof is not provided, on the date of the requisition order.

The insured must, by registered letter and within thirty (30) days from the day on which he became aware of the date of possession, notify the insurer, specifying the goods to which the requisition relates; in the absence of notification within this period, the insurer will be entitled, by way of damages, to the fraction of the premium corresponding to the time elapsed between the date of taking possession and the day on which it becomes aware of it.

The insurance will automatically resume its effects from the day of the return to the insured of the thing requisitioned if it has not previously terminated for a legal or contractual cause; the insured must, by registered letter, notify the insurer of the return of the item within thirty (30) days.

The portion of the premium paid in advance at the time of the requisition, relating to the time when the risk is no longer run is, less any deduction of damages for delay in the notification of the requisition, provisionally kept by the insurer at the time of the requisition. insured’s credit during suspension. It bears interest at the legal rate. If the contract ends during the requisition, it will be returned to the insured with interest. If the contract is reinstated, the parties’ account for the insurance year in progress at that time will be liquidated and the resulting balance will be immediately payable by either party.

However, this portion of the premium will be automatically deducted from the sums due by the insured who, during the requisition,

Article 35: In an insurance contract, the following are void:

1 ° any clause forfeiting the insured in the event of violation of legislative or regulatory texts, unless this violation constitutes a crime or an intentional offense;

2 ° any clause forfeiting the insured by reason of simple delay brought by him in the declaration of the loss to the authorities or in the production of documents, without prejudice to the right of the insurer to claim compensation proportionate to the damage that this delay caused him;

3 ° any arbitration clause to which the insured has not given his express consent to take out the contract.

Chapter IV: Prescription Article 36:
All actions deriving from an insurance contract are prescribed by two (2) years from the event giving rise to them.

However, this period does not run:

1 ° in the event of an omission or false declaration of the risk incurred, only from the day on which the insurer becomes aware of it;

2 in case of non-payment of premium or a fraction of premiums that the 10 th day of expiry thereof;

3 ° in the event of a claim, only from the day on which the interested parties became aware of it, if they prove that they were unaware of it until then.

When the action of the insured against the insurer is caused by the recourse of a third party, the limitation period only starts from the day on which this third party brought legal action against the

Article 37: The period of limitation cannot be shortened by a clause of the contract.

Article 38: The prescription of two (2) years runs even against minors, prohibited persons and all incapable persons when they are provided with a guardian in accordance with their personal status.

It is interrupted by the appointment of experts following a loss or by any ordinary cause of interruption of the limitation period in accordance with the rules of common law, and in particular by the sending of a registered letter with acknowledgment of receipt addressed. by the insurer to the insured with regard to the action for payment of the premium and by the insured to the insurer with regard to the settlement of the indemnity.

Title II: Damage insurance

Chapter One: General provisions Article 39: Insurance relating to property is an indemnity contract. The indemnity owed by the insurer to the insured cannot exceed the amount of the value of the insured item at the time of the loss. It may be stipulated that the insured will necessarily remain his own insurer for a determined sum or quota or that he will bear a deduction fixed in advance on the indemnity for the loss. Article 40: Any person having an interest in the conservation of a thing may have it insured. Any direct or indirect interest in the non-realization of a risk can be insured. Article 41:

When an insurance contract has been granted for a sum greater than the value of the insured thing, if there has been fraud or fraud on one of the parties, the other party may request its nullity and claim, in addition, damages.

If there has been neither fraud nor fraud, the contract is valid, but only up to the actual value of the insured objects, and the insurer will not be entitled to premiums for the excess. Only the premiums due will remain definitively acquired as well as the premium for the current year when it is due.

Article 42: Anyone who insures for the same interest, against the same risk, with several insurers, must immediately inform each insurer of the other insurance.

The insured must, during this communication, make known the names of the insurers with whom other insurance policies have been taken out and indicate the sums insured.

When several insurance policies are taken out without fraud, either on the same date or on different dates, for a total sum greater than the value of the item, they are all valid and each of them produces its effects in proportion to the sum to be paid. which it applies, up to the full value of the insured item.

The provisions of the above paragraph may be set aside by a clause in the policy adopting the rule of the order of dates or stipulating solidarity between the insurers.

If such assurances are contracted with intent to fraud, it is applied the sanctions provided for in 1 st paragraph of Article 41 above. However, the lack of information provided for in the 1 st paragraph of this article does not entail the nullity of the contract in the event that the bad faith of the insured is not established.

Article 43: If it appears from estimates that the value of the insured item exceeds the guaranteed sum on the day of the loss, the insured is considered to remain his own insurer for the excess and therefore bears a proportional share of the damage. , unless otherwise agreed.

Article 44: Waste, reductions and losses suffered by the insured item and resulting from its own defect are not the responsibility of the insurer, unless otherwise agreed.

Article 45: The insurer is not liable, unless otherwise agreed, for losses and damages caused either by foreign war or by civil war, or by riots or popular movements.

When these risks are not covered by the contract, the insured must prove that the loss results from an event other than the act of foreign war; it is up to the insurer to prove that the loss resulted from civil war, riots or popular movements.

Article 46: In the event of total loss of the insured item resulting from an event not provided for in the contract, the insurance automatically terminates and the insurer must return to the insured the portion of the premium paid and relating to the time for which the risk is no longer run.

Article 47: The insurer who has paid the insurance indemnity is subrogated up to the amount of this indemnity, in the rights and actions of the insured against third parties who, by their act, caused the damage that gave rise to the insurer’s guarantee.

The insurer may be discharged, in whole or in part, from his guarantee towards the insured, when the subrogation can no longer, by the act of the insured, operate in favor of the insurer.

Notwithstanding the preceding provisions, the insurer has no recourse against the spouses, ascendants, descendants, allies in direct line, servants, employees, workers or servants, and generally any person usually living at the home of the insured, except the malicious act committed by one of these people.

Article 48: Insurance indemnities are granted without the need for express delegation to privileged or mortgage creditors, according to their rank, or to those to whom the mortgage claims have been duly assigned or transferred.

However, payments made in good faith before opposition are valid.

The same applies to indemnities due in the event of claims by the tenant or by the neighbor or by the responsible author, by application of articles 77, 678 and 769 of the Dahir forming the aforementioned Code of Obligations and Contracts.

In the event of rental risk insurance or neighbor’s recourse, the insurer cannot pay to anyone other than the owner of the rented object, the neighbor or the third party subrogated in their rights, all or part of the amount due, as long as the said owner, neighbor or subrogated third party, has not been disinterested in the consequences of the loss up to the amount of the said sum.

Article 49: The insured cannot abandon the insured objects, unless otherwise agreed.

Article 50: The insurance is void if, at the time of taking out the contract, the insured item has already perished or can no longer be exposed to the risks.

The premiums paid must be returned to the insured, less costs incurred by the insurer, other than commission costs, when these have been recovered from the insurance intermediary.

In the case referred to in the 1 st paragraph of this article, the party whose bad faith is proven owes the other a double sum of the one-year premium.

Chapter II: Insurance against fire Article 51:
The fire insurer is liable for all damage caused by conflagration, conflagration or simple combustion. However, it does not respond, unless otherwise agreed, for those caused by the sole action of heat or by direct and immediate contact with fire or an incandescent substance if there has been no fire or the beginning of fire likely to degenerate into a real fire.

Article 52: Material damage resulting directly from the fire or from the start of a fire is the sole responsibility of the insurer, unless otherwise agreed, even if the damage is caused by lightning.

If within three (3) months from the submission of the statement of losses, the expertise is not completed, the insured will have the right to charge interest by summons or by registered letter with acknowledgment of receipt. ; if it is not completed within six (6) months, each of the parties may proceed judicially.

Article 53: Material damage caused to objects included in the insurance by the emergency services and by the rescue measures is assimilated to material and direct damage.

Article 54: The insurer is liable, notwithstanding any stipulation to the contrary, for the loss or disappearance of the insured objects occurring during the fire, unless he proves that this loss or disappearance is due to theft.

The insurer, in accordance with article 44 of this book, does not answer for the losses and deteriorations of the insured thing resulting from the inherent defect, but it guarantees the fire damage which are the result thereof, unless it does not be entitled to claim the invalidity of insurance contract by applying the 1 st paragraph of Article 30 above.

Article 56: Unless otherwise agreed, the insurance does not cover fires directly caused by eruptions of volcanoes, earthquakes and other cataclysms.

Chapter Ill: Insurance against hail and livestock mortality Article 57:
In terms of hail insurance, the declaration of loss must be sent by the insured, except in the case of fortuitous events or force majeure, and unless contractually extended, within five (5) days of the occurrence. of the disaster.

With regard to insurance against livestock mortality, this period is reduced, subject to the same conditions, to forty-eight (48) hours, excluding public holidays.

Article 58: In the case referred to in Article 46 above, the insurer cannot claim the portion of the premium corresponding to the time between the day of the loss and the date on which the removal of the items should normally have taken place. harvests, or that of the end of the guarantee fixed by the contract, if the latter is prior to that of the normal removal of the harvests.

Article 59: After the alienation either of the building or of the products, the termination of the contract made by the insurer to the purchaser does not take effect until the expiration of the current insurance year. But when the premium is payable at term, the seller forfeits the benefit of the term for the payment of the premium relating to this period.

Article 60: In the area of insurance against livestock mortality, suspended for non-payment of insurance premiums, as provided in Article 21 above, takes effect no later than 10 th day at noon from the day on which the overdue premium and, if applicable the costs, were paid to the insurer. The latter may exclude from its cover claims resulting from accidents and illnesses occurring during the period of suspension of the cover.

Chapter IV: Liability insurance Article 61: In liability insurance, the insurer is only bound if, following the damaging event provided for in the contract, an amicable or legal claim is made by the injured third party to the insured or the insurer. Article 62:

The insurer may not pay to anyone other than the injured third party or his beneficiaries all or part of the sum due by him, within the limits of the guarantee provided for in the contract, as long as this third party has not been paid, until up to the said sum, the pecuniary consequences of the damaging event which gave rise to the liability of the insured.

No forfeiture motivated by a failure by the insured to fulfill his obligations committed after the loss is opposable to third party beneficiaries. However, with regard to the liability risks in matters of industrial accidents, forfeitures are not enforceable against the victims or their beneficiaries, even when the insured’s breaches of his obligations were committed prior to the loss.

Article 63: The expenses resulting from any liability proceedings against the insured are the responsibility of the insurer, unless otherwise agreed.

Article 64: The insurer can stipulate that no acknowledgment of responsibility, no transaction, intervened outside him, will not be opposable to him. The admission of the materiality of a fact cannot be assimilated to the recognition of a responsibility.

Will not be considered as the beginning of the transaction or acceptance of responsibility, provided that it does not give rise to any commitment, any act of humanity towards the victim, such as medical and pharmaceutical care given to an injured person at the time of the accident. or its transport either to its home or to the hospital.

Title III:

Chapter One: General provisions Article 65: In matters of personal insurance, the sums insured are fixed in the contract, subject to the provisions of article 98 of this book. Article 66: In personal insurance, the insurer, after payment of the sum insured, cannot be subrogated in the rights of the contracting party or the beneficiary against third parties due to the loss. However, in insurance contracts against illness and accidents affecting people, the insurer may be subrogated in the rights of the contracting party or of the beneficiaries against the responsible third party, for the reimbursement of the indemnity benefits provided for in the contract.

Chapter II: Life insurance and capitalization Article 67: The life of a person can be insured by himself or by a third party. Article 68: The insurance in the event of death contracted by a third party on the life of the insured is void, if the latter has not given his consent in writing with an indication of the sum insured. The consent of the insured must, under pain of nullity, be given in writing for any assignment or constitution of pledge and for any transfer of the benefit of the contract taken out on his behalf by a third party. Article 69:

It is forbidden for any person to take out insurance in the event of death on the head of a minor under the age of twelve (12) and who is prohibited within the meaning of article 145 of the Code of personal status and articles 38 and 39 of the Criminal Code.

Any insurance taken out in violation of this prohibition is void.

The nullity is pronounced at the request of the insurer, of the subscriber of the contract or of the representative of the minor or of the prohibited.

Premiums paid must be returned in full.

These provisions do not constitute an obstacle in the insurance, in the event of death, to the reimbursement of premiums paid in execution of an insurance contract in the event of life, taken out on the head of one of the persons referred to in the 1 st paragraph below. -above.

Article 70: Insurance in the event of death cannot be taken out by another person, on the head of a minor who has reached the age of twelve (12) years, without the authorization of his legal representative.

This authorization does not exempt from the personal consent of the minor.

In the absence of this authorization and consent, the contract is declared void at the request of any interested party.

Article 71: The life insurance contract must indicate, in addition to the statements mentioned in Articles 12 and 13 above:

1 ° the first name, surname and date of birth of the person or those on whose head the transaction is based. insurance;

2 ° the first and last name of the beneficiary, if it is determined;

3 ° the event or the term on which depends the exigibility of the sums insured;

4 ° the conditions for redemption and advances as provided for in Article 89 below;

5 ° the conditions for the reduction of the capital or of the guaranteed annuity if the contract involves admission of the reduction, in accordance with the provisions of Articles 86 to 88 below.

Article 72: The insurer must communicate annually to the subscriber by registered letter the information allowing to assess their reciprocal commitments. This information obligation must be the subject of a special clause in the contract.

Article 73: The life insurance contract can be made to order. It cannot be bearer.

The endorsement of a promissory life insurance contract must, on pain of nullity, be dated, indicate the name of the beneficiary of the endorsement and be signed by the endorser.

Article 74: The insured capital or annuity may be payable upon the death of the insured to one or more specified beneficiaries.

Is considered as made for the benefit of specific beneficiaries, the stipulation by which the contracting party grants the benefit of the insurance, either to his spouse without indication of name, or to his children and descendants born or to be born, or to his heirs, without that it is necessary to enter their names in the contract or in any subsequent act containing the allocation of the insured capital or annuity.

Article 75: Insurance made for the benefit of the insured’s spouse benefits the person he or she marries even after the date of the contract. In the event of multiple marriages, the benefit of this stipulation belongs to the surviving spouses.

In the absence of designation of a beneficiary determined in the contract or in the absence of acceptance by the designated beneficiary, the subscriber of the contract has the right to designate a beneficiary or to substitute one beneficiary for another. This designation or substitution is made either by will, or inter vivos by way of amendment or by completing the formalities enacted by article 195 of the dahir forming the aforementioned Code of Obligations and Contracts or, when the contract is to order, by way of endorsement.

Article 76: The stipulation by virtue of which the benefit of the insurance is attributed to a specific beneficiary becomes irrevocable by the express or tacit acceptance of the beneficiary.

As long as acceptance does not take place, the right to revoke this stipulation belongs only to the stipulating party and can therefore not be exercised during his lifetime by his creditors or his legal representatives.

This right of revocation can only be exercised, after the death of the stipulating party, by his heirs, after the insured sum becomes payable and at the earliest ninety (90) days after the beneficiary of the insurance has been put on notice, by extrajudicial act, to have to declare if he accepts.

The acceptance by the beneficiary of the stipulation or of its revocation is only opposable to the insurer when it becomes aware of it.

The allocation free of charge of the benefit of life insurance to a specific person is presumed to be made subject to the existence of the beneficiary at the time when the insured capital or annuity becomes payable, unless the contrary does not result from the terms of the stipulation.

Article 77: The insurance contract may be pledged either by endorsement, or by endorsement as a guarantee if it is to order, or by deed subject to the formalities of Article 1195 of the Dahir forming the Code of Obligations and Contracts above.

Article 78: When the insurance in the event of death has been taken out without designation of a beneficiary, the insured capital or annuity forms part of the contractor’s assets or inheritance.

The same applies when the insurance has been taken out with designation of one or more beneficiaries and there is no longer a beneficiary on the death of the insured.

Article 79: The stipulated sums payable on the death of the insured to a specific beneficiary or to his heirs do not form part of the insured’s estate. The beneficiary, whatever the form and date of his designation, is deemed to have sole right to it, from the day of the contract, even if its acceptance is subsequent to the death of the insured.

Article 80: The sums stipulated for the benefit of a specific beneficiary cannot be claimed by the creditors of the contracting party. The latter are only entitled to the reimbursement of the premiums, when these, having been manifestly exaggerated, having regard to the faculties of the disposing party, have been paid in fraud of their rights.

Article 81: Any beneficiary may, after having accepted the stipulation made for his benefit and if the transferability of this right has been expressly provided for or with the consent of the contracting party, himself transmit the benefit of the contract, either by an assignment in accordance with the Article 195 of the Dahir forming the aforementioned Code of Obligations and Contracts, or if the contract is to order, by endorsement.

Article 82: The provisions of Articles 677 and 678 of Law No. 15-95 forming the Commercial Code relating to the rights of the spouse are not applicable in the event of life insurance taken out by a merchant for the benefit of his wife.

Article 83: The spouses can contract a reciprocal insurance on the head of each of them by one and the same act.

Article 84: Any interested party can take the place of the contracting party to pay the premiums.

Article 85: The insurer has no action to demand the payment of premiums.

Article 86: When a premium or fraction of a premium is not paid within ten (10) days of its due date, the insurer sends the subscriber a registered letter with acknowledgment of receipt informing him that at the expiration of a period twenty (20) days from the date of the sending of this letter, the failure to pay the premium or fraction of premium due as well as any premiums that may expire during the said period, results in either the termination of the contract in the event of ‘non-existence or insufficiency of the surrender value of the capital or of the guaranteed annuity, or the reduction of said capital or said annuity.

The registered letter provided for in the previous paragraph makes the premium portable in all cases.

Article 87: In insurance contracts in the event of death made for the entire duration of the life of the insured, without any survival condition, and in all contracts where the sums or annuities insured are payable after a certain number of years, the Failure to pay the premium can only result in a reduction of the guaranteed capital or annuity, notwithstanding any agreement to the contrary, provided that at least three (3) annual premiums have been paid.

Article 88: The conditions for reducing the capital or the guaranteed annuity must be indicated in the contract so that the insured can, at any time, know the amount to which the capital or the guaranteed annuity will be reduced in the event of cessation of payment bonuses.

The capital or the reduced annuity may not be less than the amount that the insured would obtain by applying as a single premium to the subscription of insurance of the same type, and in accordance with the inventory rates in force at the time of the original insurance, a sum equal to the mathematical provision of his contract on the date of termination, this provision being reduced by one percent (1%) at most of the sum originally insured.

When the insurance has been taken out in part by paying a single premium, the part of the insurance which corresponds to this premium remains in force, notwithstanding the failure to pay periodic premiums.

Article 89: Except in the case provided for in article 108 below and except in the case of an insufficiency of the assets constituted to represent the liabilities of the insurance and reinsurance company concerned in accordance with article 238 below. below and noted by the administration under the conditions provided for in titles VI and VII of book III of this law, the redemption of the capital or of the guaranteed annuity, at the request of the contracting party, is compulsory.

Advances can be made by the insurer to the contracting party, within the limit of the surrender value.

The surrender value, the number of premiums to be paid before the surrender or the advances can be requested, must be determined by a general regulation of the insurer approved by the administration. The provisions of the general regulations cannot be modified by a specific agreement.

The terms of the redemption must be indicated in the contract, so that the contracting party can, at any time, know the sum to which he is entitled. Full surrender terminates the contract.

Article 90: Notwithstanding the provisions of article 86 above, temporary insurance in the event of death does not give rise to a reduction in the capital or the guaranteed annuity.

Article 91: By way of derogation from the provisions of article 89 above, temporary insurance in the event of death, survival capital insurance and survivor’s annuity, insurance in the event of life without counterinsurance and deferred life annuities without counterinsurance.

Article 92: The insurance contract ceases to have effect with regard to the beneficiary who has been convicted as the author or accomplice of the murder of the insured.

If the premiums have been paid for at least three (3) years, the amount of the mathematical provision, corresponding to the share of the condemned beneficiary, must be paid by the insurer to the contracting party or to his heirs or successors in title, unless ‘they are not convicted as perpetrators or accomplices in the murder of the insured.

In the event of a simple attempt, the contracting party has the right to revoke the allocation of the benefit of the insurance, in favor of the beneficiary who made the attempt, even if the latter had already accepted the benefit of the stipulation made for his benefit. This revocation is compulsory if the insured person requests it in writing.

Article 93: In the event of designation of a beneficiary by will, the payment of the sums insured made to the person who, without this designation, would have been entitled thereto, is discharging for the insurer in good faith.

Article 94: The error in the age of the insured person only invalidates the insurance when his real age is outside the limits fixed for the conclusion of contracts by the insurer’s tariffs.

In any other case, if, as a result of an error relating to the age of the insured, the premium paid is lower than that which should have been paid, the insured capital or annuity is reduced in proportion to the premium received and of that which would have corresponded to the true age of the insured. If, on the contrary, as a result of an error in the age of the insured, an excessively high premium has been paid, the insurer is required to return the portion of the premium that it has received in excess, without interest.

Article 95: In the event of reluctance or false declaration mentioned in article 30 above, the insurer pays the contracting party or, in the event of the death of the insured, the beneficiary, a sum equal to the mathematical provision of the contract.

Article 96: In the event of judicial liquidation of the insurer, the claim of each of the beneficiaries of current contracts is stopped on the day of the judgment declaring the judicial liquidation, at an amount equal to the mathematical provision of each contract, calculated without any increase on the technical bases of the premium tariff in force when the contract is concluded.

Article 97: When a person, solicited at his home, at his place of work or in a private or public place, takes out a life insurance contract during the visit which is made to him, a period which cannot be less than fifteen (15) days from the subscription of the contract must be granted to him to terminate this commitment.

This denunciation entails the restitution of all the sums possibly paid by the subscriber.

The insurer is not justified in claiming damages for termination of the contract.

Article 98: Life insurance contracts may be variable capital contracts. In this case, the capital or the guaranteed annuity is expressed in units of account called reference values. These units of account are made up of transferable securities or securities appearing on a list established by regulation and taking into consideration the safety and profitability of these securities or securities.

In all cases, the insured or the beneficiary has the option of opting either for payment in cash or for the delivery of securities or securities. However, when the units of account consist of securities or non-negotiable securities, settlement can only be made in cash.

Article 99: In the life insurance contracts with variable capital provided for in article 98 above, the guaranteed capital or annuity, the premium and the mathematical provision are expressed in units of account approved by the insured.

When an insurance contract with variable capital is expressed in several units of account, the corresponding premium is broken down in the same proportions.

The valuation conditions for units of account are set by the administration which fixes the date of the net asset value to be taken into consideration for determining the premium, the mathematical provision, the capital or the guaranteed annuity and their value. redemption.

For securities and securities not listed on the stock exchange, the administration fixes their net asset values ​​on the basis of the net assets of the undertaking for collective investment in transferable securities concerned or any other unlisted body.

Article 100: Insurers must involve their policyholders, within the framework of life insurance contracts, in the technical and financial benefits that they realize under these contracts.

However, the provisions of this article do not apply to contracts not including a reduction value.

Article 101: Are considered popular insurance, life insurance with periodic premiums, limited amount, without compulsory medical examination and in which in the absence of medical examination, the stipulated capital is not fully payable in the event of death. only if the death occurs after a period specified in the contract. The maximum possibly revaluable amount, which it is possible for an insurer to guarantee on the same head in one or more contracts is fixed by regulation.

Notwithstanding the provisions of articles 85, 86 and 87 of this book, the payment of premiums for the first year is compulsory in popular insurance; the provisions of article 21 above are not applicable to these insurances.

Article 102: The provisions of this title are applicable to capitalization contracts.

By way of derogation from article 86 above, failure to pay a premium due under a capitalization contract can only result in the suspension or termination of the contract. In the latter case, the repurchase of the capital or the guaranteed annuity for the benefit of the beneficiary of the contract becomes compulsory.

Chapter III: The group insurance contract Article 103:
A group insurance contract is the contract taken out by a legal person or a company manager known as the subscriber with a view to the membership of a group of people known as members who meet the conditions defined in the said contract, for the coverage of risks depending on the length of human life, risks affecting the physical integrity of the person or linked to illness or maternity and risks of incapacity or invalidity.

Members must have a similar relationship with the subscriber.

Article 104: The sums due to the subscriber by the member for group insurance must be charged to the latter separately from those he may owe him under another contract.

Article 105: The subscriber can only exclude a member from the benefit of the group insurance contract if the link between them is broken, if the member stops paying the premium or if the insurer proves the member’s fraud.

The exclusion of the member for non-payment of premium can only occur after a period of thirty (30) days from the sending by the subscriber of a registered letter of formal notice. This letter can only be sent ten (10) days at the earliest after the date on which the sums due must be paid.

By formal notice, the subscriber informs the member that at the expiration of the thirty (30) day period provided for in the previous paragraph, the non-payment of the premium is liable to

This exclusion may not preclude, where applicable, the payment of benefits acquired in return for premiums or contributions previously paid by the member.

Article 106: The subscriber is required:

– to give the member a notice, drawn up by the insurer, which defines the guarantees and their terms of entry into force as well as the formalities to be carried out in the event of a claim;

– to inform the members in writing of the modifications which it is planned, if necessary, to make to their rights and obligations.

Proof of delivery of the notice to the member and of the information relating to contractual modifications is the responsibility of the subscriber.

The member can terminate his membership because of these changes.

However, the option of termination is not offered to the member when the link which unites him to the subscriber makes it compulsory to sign up to the contract.

Article 107: By way of derogation from the provisions of Articles 68 and 69 above, the legal representative of an adult under guardianship may subscribe on behalf of the latter to a group insurance contract in the event of death, concluded within the framework of the execution of a collective labor agreement.

Article 108: By way of derogation from the provisions of article 89 above, when the link between the member and the subscriber of a group insurance contract makes it compulsory to join said contract, to buy back, at the request of the member, is only obligatory in the event of rupture of this link.

For group insurance contracts, the subscriber is deemed to act, in respect of both the member and the beneficiary, as an agent of the contract, both for the adhesions to the contract and for the execution thereof. insurer with which the contract was taken out.

The subscriber may not receive any compensation, direct or indirect and in any form whatsoever, for his intervention within the framework of a group insurance contract.

Chapter IV: Provisions relating to lost, destroyed or stolen life insurance and capitalization contracts Article 110:
Anyone who claims to have been dispossessed by loss, destruction or theft, of a life insurance contract, or of a capitalization contract, must make a declaration thereof to the head office of the insurer or to its agent by the through which the policy was taken out, by registered letter with acknowledgment of receipt. The receiving insurer will acknowledge receipt to the sender, in the same form, within eight (8) days of delivery at the latest.

In order to keep the contract opposed to its full and entire effect, the insurer will notify the declarant, within the same period of eight (8) days, that he must, as a precaution and all rights of the parties reserved, pay to the expected premiums or contributions when they fall due.

The declaration will state the first name, last name, profession, nationality and domicile of the signatory, will indicate as far as possible all the circumstances likely to identify the contract and will make known the circumstances of its disappearance.

The declarant’s signature must be legalized by the competent authority.

The declaration thus made entails opposition to the payment of the capital as well as all the accessories.

The opponent may release it, either by providing an acknowledgment of receipt with an indication of release, or by a declaration of release notified to the insurer by registered letter with acknowledgment of receipt; in all cases, his signature must be legalized.

Article 111: The oppositions will be entered in a special register kept at the head office of the insurer, in accordance with the model which will be set by regulation.

A directory of said oppositions, in accordance with the same indications, will also be kept.

On the requisition of any person justifying an acquired right to a specific contract, the insurer must make known the oppositions to which this contract could be the object.

Article 112: If there is a third party holder of the contract subject to opposition, the insurer will notify the opponent within thirty (30) days by registered letter with acknowledgment of receipt; he must also notify the original subscriber of the contract in the same form if he is other than the opponent.

This notice will mention the obligation to bring an action for reclamation within thirty (30) days, on pain of lifting of the opposition. If the contract which has been opposed comes to be presented to the insurer, it will seize it and remain escrow until it has been ruled by a court decision on the ownership of the contract or the opposition is become without effect by application of article 113 below.

A receipt of the contract will be issued to the third party bearer if he can prove his identity and his domicile.

In the absence of this justification, the contract will be returned without formality to the opponent.

Article 113: Within thirty (30) days following receipt of the registered letter provided for in the preceding article, the opponent must bring his action to the competent court and notify, by registered letter with acknowledgment of receipt to the insurer, the submission of this request by specifying the date of the summons and the court seised of the request.

If the opponent fails to initiate and notify his action within the said time limit, the opposition is automatically lifted and this release is mentioned in the register of oppositions.

However, if the opponent justifies a legitimate cause that prevented him from acting or in the event of fraud, he may exercise his recourse against the third party holder and any person responsible for the fraud.

Article 114: When two (2) years have elapsed from the day of the opposition without a third party being revealed, the opponent may, upon production of a simple letter from the insurer attesting that the opposition no. ‘has not been contradicted, ask the president of the competent court of the domicile of this insurer or of his agent through whom the contract was taken out, to issue an order authorizing him to be issued at his expense a duplicate of the policy and exercise the rights it entails.

With regard to the insurer, the duplicate will be substituted for the original which will no longer be enforceable against it, the dispossessed holder retaining with regard to all other common law remedies.

Book two: Compulsory Title First Insurance :

Any application for a hunting license must be accompanied by an insurance certificate issued by an insurance and reinsurance company guaranteeing, during the period of validity of the license, the hunter’s civil liability for accidents caused by him involuntarily to persons. third.

The hunting license ceases to be valid and it is temporarily withdrawn by the issuing authority, if the insurance contract is terminated or if the guarantee provided for in the contract is suspended for any reason whatsoever. Cancellation or suspension of cover must be notified by the insurance and reinsurance company to the competent authority where the insured has his domicile.

Article 116: Insurance coverage covering the risks provided for in article 115 above is granted without limitation.

No forfeiture is opposable to the victims or their successors due to bodily accidents caused by any act of hunting, except regular suspension of the cover for non-payment of premium or contribution.

Article 117: Damage caused to employees and employees during their service is excluded from the guarantee.

Article 118: It is prohibited for an insurance and reinsurance company approved to carry out the insurance operation against the risks of civil liability from refusing to cover hunters subject to the insurance obligation established by article 115 above.

Article 119: Without prejudice to the penalties provided for by the legislation relating to the hunting police, is liable to a fine of two hundred (200) to four hundred (400) dirhams, any hunter who has not been able to present the documents satisfying the insurance obligation as provided for in article 115 above.

Title II: Automobile insurance Chapter One: Persons subject to compulsory insurance Article 120:

Any natural or legal person whose civil liability may be incurred due to bodily injury or material damage caused to third parties by a land motor vehicle not linked to a railroad or by its trailers or semi-trailers, must be covered by insurance. contracted with an insurance and reinsurance company.

Anyone subject to this insurance obligation who is refused a refusal by an insurance and reinsurance company approved to carry out automobile risk insurance operations, can apply to the administration which fixes the amount of the premium by which the insurance and reinsurance company concerned is required to cover the risk offered to it.

Article 121: Those residing abroad who bring into Morocco a vehicle that is not registered there, when they are provided with:

– an international insurance card called “green card” meet the insurance obligation. valid and including Morocco in its guarantee;

– an inter-Arab card called “orange card” in accordance with the provisions of the agreement between the member countries of the League of Arab States relating to the circulation of motor vehicles in Arab countries and the Arab international insurance card for motor vehicles signed in Tunis on 15 rabii Il 1395 (April 26, 1975) and published by dahir n ° 1-77-183 of 5 chaoual 1397 (September 19, 1977);

– any other card provided for by a bilateral or multilateral convention duly ratified and published by Morocco.

In the absence of presentation of one of these cards, the persons referred to in the preceding paragraph of this article must take out insurance at the borders of the Kingdom, the subscription conditions of which are determined by regulation.

Chapter II: The scope of the insurance obligation Article 122: The insurance provided for in article 120 above must cover the civil liability of the policyholder, the owner of the vehicle and any person having, with their authorization, custody or driving of the vehicle.

By way of derogation from the provisions of the preceding paragraph, garage owners and persons habitually practicing brokerage, sale, repair, repair or control of the proper functioning of motor vehicles, with regard to vehicles entrusted to them by reason of their function, are required to ensure for their own responsibility as well as that of the people working in their operation and that of the people having the care or the driving of the vehicle with their authorization or the authorization of any person designated for this purpose in insurance contract.

The insurance taken out by these people covers the civil liability they incur as a result of damage caused to third parties by the vehicles entrusted to them by reason of their function and by those which are used within the framework of their professional activity.

Article 123: The amount of the guarantee relating to the repair of the damages referred to in article 120 above cannot, within the limits of the provisions of the dahir on law n ° 1-84-177 of 6 moharrem 1405 (October 2, 1984 ) relating to compensation for victims of accidents caused by motorized land vehicles, be less than ten million (10,000,000) dirhams per vehicle and per event.

However, this minimum is five million (5,000,000) dirhams in the case of a two-wheeled vehicle with a fiscal power not exceeding 2 HP.

With regard to vehicles used for the transport of passengers, for a consideration, the contract must guarantee:

1 ° the civil liability of the vehicle owner vis-à-vis third parties not transported up to a minimum of ten million (10,000 .000) dirhams per vehicle and per event;

2 ° the civil liability of the carrier vis-à-vis the persons transported up to an amount that may not be less than that obtained by multiplying one million (1,000,000) dirhams by the number of passenger seats authorized in the vehicle, nor to ten million (10,000.

Chapter III: Exclusion of warranty and forfeiture Article 124: The insurance obligation applies to the repair of damage caused to all persons with the exception of: 1 ° the subscriber of the contract, the owner of the insured vehicle and any person having, with their authorization, the custody or the driving of the vehicle; 2 ° the driver; 3 ° when transported in the insured vehicle, legal representatives of the legal entity that owns the insured vehicle; 4 ° during their service, employees or attendants of the insured or of the driver for whom liability is incurred as a result of the accident. Article 125:

The general conditions of the insurance contract may provide for exclusions of cover and forfeiture clauses.

Forfeitures are not enforceable against the victims or their beneficiaries.

In this case, the insurer settles the compensation on behalf of the person responsible and can take action against the latter for reimbursement of all the sums that it has thus paid or placed in reserve in its place.

However, the forfeiture resulting from the regular suspension of the guarantee for non-payment of premium or contribution is enforceable against the victims or their beneficiaries.

Chapter IV: Supervision of compulsory insurance Article 126:
Any vehicle driver must be able to present a document presuming that the insurance obligation provided for in article 120 above has been satisfied.

This presumption results from the presentation to the officials or agents responsible for noting traffic and driving police offenses of one of the documents whose conditions of establishment and validity are fixed by regulation. These documents do not imply a guarantee obligation for the insurer.

In the event of suspension or termination of the insurance contract, the insured must return to the insurer the insurance document provided for in the first paragraph above.

Article 127: The reports drawn up by the officials and agents responsible for noting traffic and traffic police violations must indicate the information provided for by regulation.

Article 128: Insurance and reinsurance companies approved to carry out automobile risk insurance operations are required to guarantee any vehicle owner subject to the obligation of insurance by this book, against the risks of civil liability.

This provision applies to all the vehicles referred to in article 120 above, whatever the nature of their use.

In the event of non-compliance with this obligation by an insurance and reinsurance company, its authorization may be totally or partially withdrawn in accordance with article 265 below.

Any insurance and reinsurance company approved to carry out automobile risk insurance operations which maintains its refusal to cover an automobile risk for which the premium has been fixed by the administration, in accordance with article 120 above, incurs the penalties provided for in article 279 below.

Chapter V: The substitution of the insurer in the compensation of damages suffered by third parties Article 129:
The insurer is automatically substituted for the insured within the limits of the guarantee provided for in the contract for the payment of indemnities or annuities allocated to the transported persons, to third parties or to their dependents and for all other costs resulting from the ‘accident.

In the event that a civil or criminal court is seized of an action for damages, the insurer must be called into question by the claimant for compensation or by the insured. The decision awarding an indemnity or an annuity must mention the substitution of the insurer for the insured within the limits of the guarantee provided for in the insurance contract.

No recourse may be exercised by the creditors or the annuitants against the insured, except for the part of the indemnities or annuities and costs exceeding the limits of the guarantee.

Any seizure made against the insured for the payment of indemnities or annuities which are covered by the guarantee of the insurance contract is void.

Chapter VI: Sanctions Article 130: Is liable to a fine of two hundred (200) to four hundred (400) dirhams, any driver of a motor vehicle who has not been able to present the document presuming that the insurance obligation has been satisfied, as provided for in article 126 above. Article 131:

Is liable to imprisonment from one (1) month to six (6) months and a fine of one thousand two hundred (1,200) to six thousand (6,000) dirhams or one of these two penalties only:

1 ° anyone who will have knowingly contravened the provisions of article 120 above;

2 ° any insurer who refuses, in the event of suspension or termination of the insurance contract, to return to the insurer the document presuming that the insurance obligation has been satisfied.

The maximum fine may be doubled in the event of a repeat offense.

Article 132: Agreements by which intermediaries take responsibility, for a fee agreed upon in advance, to ensure victims of traffic accidents or their dependents the benefit of amicable agreements or judicial decisions are prohibited.

Intermediaries who contravene the provisions of the 1 st paragraph above are punished with a fine of one thousand (1,000) to ten thousand (10,000) dirhams and in the event of a repeat offense, a fine of twenty thousand (20,000) to two hundred thousand (200,000) dirhams. In addition, the court must order the publication of an extract of the judgment in one or more newspapers authorized to receive legal notices and its display for one (1) month at the door of the intermediary’s office (s), all at costs of the convicted person.

The removal, concealment or total or partial laceration of these posters operated voluntarily by the convicted person, at his instigation or by order, is punishable by a prison sentence of six (6) to fifteen (15) days and it will be again carried out the full implementation of the provisions relating to posting at the expense of the convicted person.

Title III: The traffic accident guarantee fund Chapter One: Purpose Article 133: The traffic accident guarantee fund is understood to mean the organization created by the Dahir of 28 joumada Il 1374 (22 February 1955) and which is henceforth governed by the provisions of this law.

It has legal personality. Its accounts are kept in accordance with the provisions of Title IV of Book III of this law. However, he is exempt from the establishment of the statement of management balances, the cash flow statement and the statement of additional information.

Article 134: The Traffic Accident Guarantee Fund is responsible for ensuring the total or partial repair of bodily injury caused by a land motor vehicle not linked to a railroad, or by its trailers or semi-trailers, in the cases where the persons responsible for these accidents are unknown or uninsured and unable to compensate the victims due to their insolvency.

The following are excluded from the benefit of the Traffic Accident Guarantee Fund:

1 ° the owner of the vehicle referred to in the previous paragraph, except in the case where the vehicle has been stolen, the driver and, in general, any person who has custody of the said vehicle at the time of the accident;

2 ° when transported in the vehicle, the legal representatives of the legal person which owns it;

3 ° during their service, the employees or servants of the owner or driver of the vehicle for whom liability is incurred as a result of the accident;

4 ° when the vehicle has been stolen, the perpetrators of the theft and their accomplices as well as the other persons transported unless the latter can prove their good faith.

However, the persons designated in paragraphs 1 °, 2 °, 3 ° and 4 ° above may invoke the benefit of the Traffic Accident Guarantee Fund when the accident caused by another vehicle engages the responsibility of the person responsible for it. has the care and to the extent of this responsibility.

Chapter II: Administrative and control bodies Article 135: The Traffic Accident Guarantee Fund is administered by a board of directors. Article 136: The board of directors includes: – a representative of the administration; – the general manager of the Caisse de dépôt et de gestion or his representative;

– seven (7) representatives of insurance and reinsurance companies authorized to carry out civil liability insurance operations resulting from the use of land motor vehicles.

The terms of appointment of the members of the board of directors are set by regulation.

The board of directors elects its chairman from among its members.

Article 137: The Board of Directors is vested with all the powers and attributions necessary for the administration of the Fund for the Guarantee of Traffic Accidents.

It meets, when convened by its chairman, as often as the needs of the Traffic Accident Guarantee Fund require. It meets at least twice a year to:

– stop the summary statements for the closed financial year;

– examine and adopt the budget for the following financial year.

The aforementioned summary statements must be submitted to at least one external auditor, who:

– either certifies that these summary statements are regular and sincere and give a true picture of the financial situation and the assets of the said Fund at the end of the financial year ;

– or attach reservations to the certification;

– or refuse the certification of said states.

In these last two cases, it specifies the reasons.

Article 138: The board of directors validly deliberates when at least two thirds (2/3) of its members are present or represented. Its decisions are taken by majority vote. In the event of a tie vote, that of the president is decisive.

The board of directors may decide to create any committee within it, for which it sets the composition and the operating procedures.

Article 139: The Traffic Accident Guarantee Fund is subject to the control of the Minister in charge of finance.

A government commissioner appointed by him exercises control over the entire management of the said Fund on his behalf. He may attend all meetings of the Board of Directors or of the committees that may be established by the latter. He has the power of investigation on documents and on the spot. As such, he can join any person whose qualification or experience can be useful to his mission.

The costs of this check are borne by the Traffic Accident Guarantee Fund.

Decisions taken by the Traffic Accident Guarantee Fund, or on its behalf by the committees that may be set up by the Board of Directors, are enforceable within fifteen (15) days from the date of the decision if the government commissioner does not mean either that he approves immediately or that he opposes the decision. This period is reduced to five (5) days for decisions that do not include a financial commitment for the Traffic Accident Guarantee Fund.

Chapter III: Financial provisions Article 140: I. – The resources of the Traffic Accident Guarantee Fund include:

1) a compulsory contribution from all insurance and reinsurance companies approved to carry out insurance operations in Morocco against risks of any kind resulting from the use of land motor vehicles. This contribution is proportional to the premiums or contributions issued in Morocco for the last financial year, for the insurance of the vehicles referred to in the 1st paragraph of article 134 above. This contribution is liquidated and recovered by the Traffic Accident Guarantee Fund;

2) a contribution from the insured, which is added to the amount of insurance premiums for the vehicles referred to in 1 st paragraph of Article 134 above, based on all premiums or contributions paid by policyholders to insurance and reinsurance companies for the insurance of said vehicles. It is collected by insurance and reinsurance companies and recovered according to the terms set by regulation;

3) a levy borne by the owners of motor vehicles in violation of the provisions of article 120 of this book. This levy, which is equal to four times the amount of the criminal fine imposed as a result of this offense, is the subject in each case of a separate conviction by the court called to rule on the aforementioned offense. It is carried out even in the event that the fine is pronounced with the benefit of the suspension. When the court seised pronounces a prison sentence to the exclusion of any fine, the levy is equal to four times the maximum of the fine;

4) proceeds from seizures of property and subrogatory remedies provided for in article 153 of this law;

6) income from fund investments and interest paid on current account funds;

7) reimbursements and realizations of securities and real estate;

8) advances from the Treasury;

9) donations, legacies and various products;

10) any other resource that could be allocated to the Fund.

The rates of the contributions referred to in 1) and 2) above are set by regulation.

II. – The expenses of the Traffic Accident Guarantee Fund include:

1) indemnities and costs paid for claims payable by the Fund;

2) equipment and operating expenses;

3) costs incurred for remedies;

4) the cost of investing funds;

5) reimbursement of advances from the Treasury.

Article 141: The Traffic Accident Guarantee Fund may not buy or subscribe to securities other than those designated for the representation of guarantees and technical provisions payable by insurance and reinsurance companies.

Chapter IV: The conditions for recourse to the Traffic Accident Guarantee Fund Article 142:
The compensation charged to the Traffic Accident Guarantee Fund must result either from an enforceable judicial decision, or from a transaction entered into under the conditions provided for in Articles 147 to 151 of this chapter. In either case, the compensation due to victims or to their beneficiaries must be assessed under the conditions provided for in Chapters I, II and III of the Dahir on Law No. 1-84-177 of 6 Moharrem 1405 (2 October 1984) relating to compensation for victims of accidents caused by land motor vehicles.

Agreements by which intermediaries would take charge of obtaining compensation from the victims or their dependents from the Traffic Accident Guarantee Fund, for a fee agreed upon in advance, are prohibited.

Article 143: Any report drawn up by officers or agents of the judicial police relating to a bodily accident caused by an unknown or uninsured perpetrator, must expressly mention this circumstance.

A copy of any report drawn up in accordance with the provisions of the preceding paragraph must be sent to the Traffic Accident Guarantee Fund within one month of its closing date.

Article 144: When an insurance and reinsurance company intends to invoke the nullity of the insurance contract, the suspension of the guarantee, the non-insurance or the partial insurance enforceable against the victim or his beneficiaries, it must by registered letter with acknowledgment of receipt, declare it to the Traffic Accident Guarantee Fund and attach the documents and documents listed by regulation to its declaration.

This declaration must be made within sixty (60) days following the request for compensation from the victim or his dependents. In the event of partial insurance, this period begins to run from the date of the unfulfilled summons, which the insurance and reinsurance company must send in the name of the victim or his dependents to the person responsible for the claim. accident in the event that the latter did not agree to be released at the same time as her.

The insurance and reinsurance company must at the same time and in the same way notify the victim or his beneficiaries of one of the exceptions provided for in the 1 st paragraph of this article, specifying the number of the policy and the period of warranty.

If the insurance and reinsurance company intends to dispute the existence of the insurance contract notwithstanding the presentation by the person responsible for the accident of the supporting document provided for in Article 126 above, it must, on the one hand, declare it to the Traffic Accident Guarantee Fund within the time limit set in the 2 nd paragraph above by registered letter with acknowledgment of receipt and on the other hand, notify at the same time and in the same manner, the victim or his assigns.

Article 145: The Traffic Accident Guarantee Fund decides on the exceptions, mentioned in Article 144 above, invoked by the insurance and reinsurance company, by registered letter with acknowledgment of receipt, within sixty (60) days from receipt of the declaration. At the same time and in the same form, he sends a copy of this letter to the victim or to his dependents.

Article 146: When an insurance and reinsurance company is called upon to pay compensation on behalf of the Traffic Accident Guarantee Fund, in accordance with the provisions of the 3 rd paragraph of Article 18 of the Dahir on Law No. 1-84-177 of 6 moharrem 1405 (2 October 1984) relating to compensation for victims of accidents caused by motorized land vehicles, the provisions of articles 144 and 145 above are applied.

Article 147: Any transaction aimed at fixing or settling the indemnities due by uninsured persons responsible for bodily injury caused by a land motor vehicle not linked to a railroad, or by its trailers or semi-trailers, must be notified to the Traffic Accident Guarantee Fund by the indemnity debtor within thirty (30) days by registered letter with acknowledgment of receipt.

Article 148: When the person responsible for the damage is unknown, the request of the victims or their beneficiaries for compensation for the damage caused to them must be addressed to the Traffic Accident Guarantee Fund within three (3) years. from the date of the accident.

In all other cases, the claim for compensation must be addressed to the Traffic Accident Guarantee Fund within one (1) year from either the date of the transaction or the date of the decision to justice passed in the force of res judicata.

In addition, the victims or their dependents must, within five (5) years from the date of the accident:

1) if the person responsible is unknown, have reached an agreement with the Road Accident Guarantee Fund or taken legal action against it;

2) if the person responsible is known, have concluded a transaction with him or brought legal action against him.

The time limits provided for in the preceding paragraphs only run from the day on which the interested parties became aware of the damage, if they prove that they had ignored it until then.

When the indemnity consists in the payment of an annuity or the payment in installments of a capital, the request for indemnity must be sent to the Traffic Accident Guarantee Fund within three (3) years from the date of the date of the due date for which the debtor has not met his obligations.

These various deadlines are set under penalty of foreclosure, unless the interested parties prove that they were unable to act before the expiration of said deadlines.

Article 149: The victim or his dependents must send their request for compensation to the Traffic Accident Guarantee Fund by registered letter with acknowledgment of receipt or by extrajudicial act. In support of their request, they are required to justify:

1 ° either that the victim is of Moroccan nationality or resident in Morocco, or that he is a national of a State which has concluded a reciprocity agreement with Morocco and that ‘it fulfills the conditions set by this agreement;

2 ° that the accident occurred in Morocco;

3 ° that the accident gives rise to the right to compensation for their benefit under the terms of the Moroccan legislation applicable in the matter and that it cannot give the right to full compensation for any other reason. If the victim or his dependents are entitled to partial compensation, the Traffic Accident Guarantee Fund only pays the supplement.

Applicants must justify, either that the person responsible for the accident could not be identified, or after identification, that he was found to be uninsured.

Article 150: The insolvency of the person responsible for the accident results from a summons to pay, followed by a refusal that the Traffic Accident Guarantee Fund must address to the person responsible for the damage. In the event of refusal or in the event that this summons has remained ineffective for a period of sixty (60) days from its notification, compensation is due by the Traffic Accident Guarantee Fund, subject to the application of the provisions of article 151 below.

The Traffic Accident Guarantee Fund is required to send this summons within ninety (90) days of the notification made to it of the final settlement or of the enforceable judicial decision of the ‘compensation.

Article 151: Claims for compensation must be accompanied by a copy of the court decision or a certified copy of the act establishing the settlement for the final fixing of the compensation.

If the Traffic Accident Guarantee Fund does not agree with the victim or his beneficiaries, either on the transaction, or on the fixing of the compensation in the event that the author of the accident is unknown, or on the existence of the conditions for entitlement to compensation, provided for in Articles 149 and 150 above, the victim or his dependents may apply to the competent court.

Apart from the cases referred to in the previous paragraph, the Traffic Accident Guarantee Fund cannot be sued by the victim or his dependents.

Article 152: The Traffic Accident Guarantee Fund may intervene in any event in all proceedings initiated between victims of bodily accidents or their dependents, on the one hand, and those responsible or the company of insurance and reinsurance to which they are insured, on the other hand. In this case, he intervenes as a principal and can use all the means of recourse. His intervention cannot justify a conviction against him.

Subject to the provisions of the 5th paragraph of this article, the victim or his dependents must, without delay, send to the Traffic Accident Guarantee Fund, by registered letter with acknowledgment of receipt, a copy of any request to institute proceedings. the purpose of which is to seize the competent court of a request for compensation directed against a defendant whose civil liability is not established that is covered by insurance.

The motion to institute proceedings must mention the date and place of the accident, the nature of the vehicle causing the accident, the authority having drawn up the report, the amount of the claim for compensation or, failing that , the nature and severity of the damage. It must also mention either that the defendant is not insured, or the name and address of the insurance and reinsurance company in the event of an exception raised by it, or that the plaintiff was unable to identify the insurance and reinsurance company.

The provisions of the two preceding paragraphs are not applicable in the event of the lodging of a civil party by the victim or his beneficiaries before the criminal court.

In this case, the victim or his dependents must, at least fifteen (15) days before the hearing, notify the Traffic Accident Guarantee Fund by registered letter with acknowledgment of receipt of their legal action or of their intention to become a civil party. This notification must mention, in addition to the indications provided for in the 2 nd and 3 rd paragraphs of this article, the first name, last name and address of the author of the damage or of the civilly liable as well as the court seised of the public action and the date of the audience.

The notifications made under the conditions provided for in the preceding paragraphs have the effect, even if the Traffic Accident Guarantee Fund has not intervened in the proceedings, to render the decision rendered on the request for indemnity.

Any inaccurate mention contained in the notifications is penalized, in the event of bad faith, by the forfeiture of any recourse by the applicant against the Traffic Accident Guarantee Fund.

Chapter V: Subrogation Article 153:
The Traffic Accident Guarantee Fund is subrogated to the rights of the indemnity creditor against the person responsible for the accident. The Traffic Accident Guarantee Fund also has the right to be reimbursed the amount of interest relating to the sums paid as compensation which will be calculated at the legal rate in civil matters which run from the date of payment of the compensation. until the date of reimbursement thereof and, on the other hand, to a fixed allowance which is intended to cover recovery costs and the amount of which is determined by regulation.

For the recovery of the sums due to it by virtue of the provisions of this article, the Traffic Accident Guarantee Fund benefits from the general privilege on furniture which ranks after the privileges provided for in article 1248 of the dahir of 9 Ramadan. 1331 (August 12, 1913) forming the Code of Obligations and Contracts.

In order to guarantee its rights, the Traffic Accident Guarantee Fund has the right to have the vehicles which were the cause of the accident seized. He also has the right to have the movable and immovable property of the perpetrators of the accident as well as those of the persons who are civilly liable for it.

Chapter VI: Sanctions Article 154:
Without prejudice to the damages that the Traffic Accident Guarantee Fund may request, any violation of the provisions of article 147 of this book shall result in a fine of five hundred (500) to one thousand (1,000) dirhams.

Article 155: Acts or agreements subsequent to the accident which have the effect of alienating or rendering exempt from seizure all or part of the movable or immovable property of the author and of the civilly liable, uninsured or insufficiently insured, are deemed to have been executed in fraud of the rights of interested parties.

The author and the civilly liable for an accident, uninsured or insufficiently insured, who have made their fraudulent acts insolvent with regard to the provisions of this book and the texts adopted for its application, are punished by a penalty of six (6) months to three (3) years imprisonment.

Article 156: Intermediaries who contravene the provisions of the last paragraph of article 142 above are liable to the penalties provided for in article 132 above.

Article 157: Anyone who makes a false declaration, in support of a request to obtain or charge the Fund for the Guarantee of Traffic Accidents for compensation, is liable to the penalties provided for by the penal code in matters of ‘fraud.

These provisions also apply to anyone who, acting in bad faith, supports this request by means of certificates or expert opinions.

Book Three: Insurance and Reinsurance Companies Title One: General Conditions Article 158: Any company which intends to carry out an operation qualified as insurance or reinsurance or assimilated to an insurance operation is subject to the provisions of this law and texts taken for its application. Article 159: Insurance operations are understood to mean all operations relating to the coverage of risks concerning a person, property or liability. These operations are classified by categories, the list of which is provided for by regulation.

Reinsurance operations are understood to mean all risk acceptance operations ceded by an insurance and reinsurance company.

Article 160: The operations assimilated to insurance operations are as follows:

1 ° operations which call for savings with a view to capitalization and comprising, in exchange for single or periodic payments, direct or indirect, determined commitments ;

2 ° transactions having as their object the acquisition of buildings by means of the constitution of life annuities;

3 ° operations which call for savings with the aim of bringing together the sums paid by members with a view to joint capitalization, by making them participate in the profits of companies managed or administered directly or indirectly by the company of insurance and reinsurance.

Article 161: Insurance and reinsurance companies can only start their operations if they are approved by the administration.

Notwithstanding any contrary provisions, they are subject to the rules prescribed by this law as to their conditions of exercise, their management, the financial guarantees that they must justify, their accounting, their control and their liquidation.

Article 162: The risks located in Morocco, the people who are domiciled there as well as the related responsibilities must be insured by contracts taken out and managed by insurance and reinsurance companies approved in Morocco.

Contracts entered into in contravention of the provisions of this article are void. However, this nullity is not opposable to policyholders, subscribers and beneficiaries of contracts when they act in good faith.

Article 163: Titles of any kind, prospectuses, posters, circulars, plaques, printed matter and other documents intended for distribution to the public or published by an insurance and reinsurance company, must be named after the name social, the following mention, in uniform and visible characters: “Company governed by law n ° 17-99 relating to the insurance code”.

They must not include any insertion liable to mislead the nature of the control exercised by the State or the true nature of the company or the real importance of its commitments.

Article 164: Deposits and investments outside Morocco as well as investments in foreign securities can only be made by insurance and reinsurance companies within the limit of five percent (5%) of their total assets and after prior agreement from administration. Any request that remains unanswered at the end of a period of thirty (30) days from the date of referral to the administration is considered to have been accepted by the administration.

Any refusal must be motivated.

Title II: The operating conditions of insurance and reinsurance companies Chapter One: Authorization Article 165:

The approval provided for in article 161 of this law is granted, on their request, only to companies governed by Moroccan law having their head office in Morocco and after opinion of the Advisory Insurance Committee provided for in article 285 below. This approval is granted by categories of insurance operations provided for in Articles 159 and 160 above.

The refusal to grant authorization must be justified.

For the granting or refusal of the authorization, the following are taken into account:

– the technical and financial means whose implementation is proposed and their adequacy to the business program of the company;

– the good repute and qualification of the people responsible for driving it;

– the distribution of its capital and the quality of the shareholders or, for the companies mentioned in article 173, the methods of constitution of the establishment fund;

– the economic and professional contribution that the company can make;

– the impact on the stability and competitive conditions of the market.

The list of documents to be produced in support of an application for approval is set by regulation.

Article 166: The approval may be subject to the prior deposit of a security payable by the founders of the company.

The bond is fixed, deposited and withdrawn in accordance with the provisions taken by regulation.

Article 167: If a company which has obtained approval for one or more of the categories of insurance operations has not started to carry out the corresponding operations within a period of one year from the date of publication in the “Official Bulletin” of the ‘administrative act of approval, or if a company does not subscribe, for two consecutive years, any contract relating to a category of insurance operations for which it is approved, the approval automatically ceases to be valid for said category. This situation is noted by the administration.

Article 168: To be approved, insurance and reinsurance companies must be constituted in the form of public limited companies or companies of

Article 169: The operations referred to in article 159 above may be carried out by any company whose form is provided for by this law. However, credit and surety insurance operations cannot be carried out by mutual insurance companies and their unions provided for in article 205 below.

Life insurance operations cannot be carried out by mutual insurance companies with variable contributions.

Article 170: The operations referred to in Article 160 above can only be carried out by public limited companies and mutual insurance companies with fixed contributions.

Chapter II: Public limited companies Article 171:
By way of derogation from the provisions of article 6 of law n ° 17-95 relating to public limited companies, insurance and reinsurance companies must provide proof of a share capital of at least fifty million (50,000,000) dirhams. .

However, in consideration of the operations that the insurance and reinsurance company intends to carry out and forecasts of its commitments, the administration may require the constitution of a share capital greater than the aforementioned minimum.

Upon subscription, the aforementioned share capital must be fully paid up in cash.

All the shares are registered. They cannot be converted into bearer form during the life of the company.

Article 172: Any change of majority, any transfer of more than ten percent (10%) of the shares and any direct or indirect takeover of more than thirty percent (30%) of the share capital must obtain the prior approval of the administration. The latter’s response must be made within thirty (30) days from the date of receipt of the request presented for this purpose. Any refusal must be motivated.

The administration may prohibit the acquisition of shares or the takeover of insurance and reinsurance companies when these operations are considered to be contrary to the general interest.

Chapter III: Mutual insurance companies and their unions Article 173: Mutual insurance companies

1 ° guarantee for the benefit of their members, natural or legal persons, called members, by paying a fixed or variable contribution, the full payment of their commitments, in the event of the occurrence of the risks for which they have assumed;

2 ° distribute surplus revenue among their members under the conditions set by their statutes and after constitution of provisions and reserves and repayment of loans;

3 ° do not grant any remuneration to their directors with the exception of attendance fees and remuneration granted for another activity carried out on behalf of the mutual insurance company.

Companies

Article 174: Mutual insurance companies must provide proof of a minimum number of members fixed by regulation and which may not be less than ten thousand (10,000) people. This provision does not apply to mutual insurance companies which undertake, by their statutes, to join a union of mutuals.

Subject to the provisions of this chapter, mutual insurance companies are subject, as regards their operating rules, to all the provisions provided for by this law.

Article 175: Mutual insurance companies with variable contributions undertake, in the event of an imbalance, to make a reminder of contributions under the conditions and within the time limit provided for in article 203 of this chapter. This provision must be mentioned in the statutes.

Article 176: Mutual insurance companies must provide proof of a minimum establishment fund of fifty million (50,000,000) dirhams.

However, in consideration of the operations that the mutual insurance company intends to carry out and the forecasts of its commitments, the administration may increase the aforementioned minimum amount.

When the mutual insurance company is set up, the minimum establishment fund must be fully paid up by the founders and paid into a bank account opened in the name of the mutual insurance company. The reimbursement of said founders must be the subject of a funding program over five (5) years, at the latest, that the mutual insurance company must communicate to the administration.

The increase in the establishment fund, decided on the initiative of the mutual insurance company, is financed by the incorporation of free reserves, by the increase in membership or membership fees or by loans. subscribed to them.

The repayment of the loans provided for in the preceding paragraph must be financed as a priority by withdrawals from surplus revenue, and in the event of a shortfall, by increasing the entry or membership fees to be paid by the members. This obligation must be included in the statutes.

Article 177: The draft statutes must specify:

1 ° the object, nature, duration, seat, name of the mutual insurance company and, where applicable, the territorial district of its operations and / or the professional nature of its activities;

2 ° the method and the general conditions under which the commitments between the company and the members are contracted and the nature of the various categories of guaranteed risks;

3 ° the minimum number of members, which may not be less than the minimum provided for in article 174 above;

4 ° the minimum amount of contributions for the first annual period. These contributions must be paid in full prior to the declaration provided for in article 179 below;

5 ° the amount of the establishment fund and the terms of its increase as well as of its reimbursement.

Article 178: The full text of the draft statutes must be reproduced on any document intended to receive memberships from members.

Article 179: When the conditions provided for in Articles 177 and 178 above are fulfilled, the founders or their authorized representatives record this by declaration before the clerk of the territorially competent commercial court, which issues a deed.

Article 180: To the declaration mentioned in article 179 above must be annexed:

1 ° the duly certified list of members indicating their first name, surname, position and domicile and, if applicable, the name and the registered office social security of member companies, the amount of securities insured by each member and the amount of their contributions;

2 ° a copy of the company deed, if it is private, or a copy if it is notarized;

3 ° the statement of contributions paid by each member;

4 ° the amount of sums paid for the establishment of the establishment fund;

5 ° a bank certificate stating that the sums constituting the establishment fund have been paid into an account of the mutual insurance company in constitution.

Article 181: The constitutive general meeting, which is convened at the behest of the founders, is made up of all the members who have adhered to the draft constitution of the mutual insurance company.

It can only validly deliberate if it brings together at least half (1/2) of the members. In the absence of this quorum, a second meeting is called, by registered letter, with the same agenda as the previous one, at least fifteen (15) days before the meeting. It can only validly deliberate if it brings together at least one third (1/3) of the members.

If the second general meeting does not bring together a third (1/3) of the members, it can only take a provisional deliberation. In this case, a new general meeting is called. Two notices published ten (10) days apart at least one (1) month in advance, in two newspapers authorized to receive legal announcements, inform the members of the provisional resolutions adopted by the second meeting. These resolutions become final if they are approved by a new assembly made up of at least a quarter (1/4) of the members.

The resolutions of the constitutive general meeting are only approved by a two-thirds (2/3) majority of the members present, each member having one vote.

Article 182: The constitutive general assembly verifies the sincerity of the declaration provided for in article 179 above, it appoints the members of the first board of directors and, for the first year, the auditors.

The constitutive general assembly deliberates under the conditions of quorum and majority provided for in article 181 above.

The minutes of the meeting show the acceptance by the members of the board of directors and by the auditors of the missions entrusted to them.

Article 183: The mutual insurance company is formed from the completion of the formalities and acts provided for in articles 179 to 182 of this chapter.

Article 184: Within one month of the constitution of the mutual insurance company, a copy of the minutes of the constitutive general meeting and a copy or a copy of the articles of association are filed with the clerk of the court of the place of the seat at which the meeting took place. declaration provided for in article 179 above.

Within the same period of one (1) month, an extract from the documents mentioned above is published in a newspaper authorized to receive legal notices.

The formalities provided for in the 1 st and 2 nd paragraphs above are carried out at the behest and under the responsibility of the legal representatives of the mutual insurance company.

A copy of the documents provided for in the 1 st paragraph of this article is communicated to the administration.

Likewise, any person has the right to take communication of these documents, to the registry of the court, or to be delivered, at his expense, a copy, dispatch or extract, by the clerk holding the minute.

Article 185: The following are subject, under the same conditions, to the filing and publication prescribed in Article 184 above:

– all acts, deliberations or decisions having the effect of amending the statutes of the mutual insurance company;

– all acts, deliberations or decisions having the effect of the continuation of the mutual insurance company beyond the term fixed for the duration or the dissolution of the company before this term.

These changes must be communicated to the administration.

Article 186: Failure to comply with the filing and publication formalities results in:

– in the case of article 184 above: the invalidity of the mutual insurance company;

– in the case of article 185 above: the nullity of acts, deliberations or decisions subject to regularizations provided for in articles 217 to 219 of this book.

Article 187: Mutual insurance companies must be registered in the trade register without this registration creating a presumption of the commerciality of said companies.

Article 188: General meetings of mutual insurance companies are ordinary or extraordinary.

Only members who are up to date with their contributions can be part of the general meeting. The articles of association may provide for other conditions for the participation of members in general meetings.

Members who do not individually meet the conditions provided for by the articles of association, in order to have the right to participate in the general meeting, may meet to form groups satisfying the said conditions and be represented by one of them.

The member present or represented or any group of members formed by virtue of the provisions of the third paragraph of this article, may only be entitled to one vote; any contrary provision is deemed unwritten.

The list of members who may take part in a general meeting is drawn up by the board of directors at least fifteen (15) days before the meeting is held.

Any member can, by himself or by an agent, take cognizance of this list at the registered office of the company.

Any member of the general meeting may, if the articles of association allow it, be represented by another member of his choice under the conditions provided for by said articles of association.

This mandate cannot be entrusted to a person employed in the company.

Article 189: The articles of association indicate the conditions under which the invitation to general meetings is made. This invitation must be inserted in a newspaper authorized to receive legal notices and must precede by at least fifteen (15) days the date fixed for the meeting of the assembly.

The invitation must mention the agenda. The meeting can only deliberate on questions appearing on this agenda or on those entered on the proposal of at least one tenth (1/10) of the members.

All members who so request must be informed of the meeting of each general meeting by registered letter, at least fifteen (15) days before the date fixed for the meeting of the general meeting.

Article 190: The ordinary general meeting takes all decisions other than those referred to in article 193 below.

In all ordinary general meetings, decisions are taken by majority vote.

An attendance sheet is kept, which must specify the name and domicile or, where applicable, the name and address of the registered office of the members present, or represented where applicable.

This sheet, duly signed by the members or their representatives, is certified as correct by the office of the meeting. It must be deposited at the head office and communicated to any member who requests it.

Article 191: Any member may, within the fifteen (15) days preceding the meeting of a general assembly, take to the registered office the communication of the accounting documents provided for in article 234 of this law as well as all the documents which must be communicated to the registered office. general meeting in accordance with the statutory provisions.

Article 192: The general meeting can only validly deliberate if the number of members, present or represented, reaches at least a quarter (1/4) of the number of members having, by virtue of the statutes, the right to attend.

Article 193: The extraordinary general meeting alone is empowered to modify the statutes in all their provisions. Any contrary provision is deemed unwritten. However, it may neither change the nationality of the company nor reduce its commitments, nor increase the commitments of members resulting from current contracts, except in the event of an increase in taxes and duties, and subject to the provisions of this law relating to termination of insurance contracts.

The extraordinary general meeting can only validly deliberate if the number of members, present or represented where applicable, reaches at least two-thirds (2/3) of the number of members having, by virtue of the articles of association, the right to do so. assist.

If the first meeting did not meet the above quorum, a new meeting can be called by two insertions made in two newspapers authorized to receive legal announcements. This convocation reproduces the agenda, the date and the result of the previous meeting.

The second assembly can only meet ten (10) days at the earliest after the last insertion. It validly deliberates if the number of members, present or represented, reaches at least half (1/2) of the number of members having, by virtue of the statutes, the right to attend.

If the second meeting does not meet the quorum, a third meeting may be convened in accordance with the 3 th and 4 th paragraphs above.

The third meeting validly deliberates if the number of members, present or represented, reaches at least a quarter (1/4) of the number of members having, by virtue of the statutes, the right to attend.

In the absence of this quorum, this third meeting may be postponed to a later date. The invitation and the meeting of the adjourned meeting held in the forms and conditions provided for 5 th and 6 th paragraphs above.

The extraordinary general meeting rules by a majority of at least two-thirds (2/3) of the votes of the members, present or represented where applicable, having the right to attend.

Article 194: The mutual insurance company is administered by a board of directors.

The directors, whose number may not be less than six (6) nor greater than fifteen (15), are appointed from among the members by the general meeting in accordance with the articles of association.

They must meet the conditions required by the statutes with regard to either the minimum contribution paid or the sum of the insured value. They are replaced as soon as they no longer meet these conditions.

The board of directors must meet whenever necessary under the conditions provided for by the articles of association and at least once a year to approve the accounts for the last financial year.

Article 195: The directors are liable individually or jointly or severally, as the case may be, to the company or to third parties, either for infringements of the laws and regulations applicable to mutual insurance companies, or for violations of the articles of association, or for errors in their management.

If several administrators have cooperated in the same facts, the court determines the contributory share of each in the compensation of the damages.

Liability action against directors, both social and individual, is prescribed by five (5) years from the harmful event or if it has been concealed, from its disclosure. However, when the fact is qualified as a crime, the action is prescribed by twenty (20) years.

Article 196: The board of directors chooses from among its members or, if the statutes allow it, apart from them, one or more directors. Their powers and remuneration are set by the board of directors.

The directors are revocable at any time by the board of directors.

When a director is a director, his term of office may not exceed that of his term of office. The directors, who are neither chairman, director nor employee of the mutual insurance company exercising managerial functions, must be more numerous than the directors having one of these qualities.

Article 197: The provisions provided for the board of directors and the management functions by articles 41, 42, 48 to 54, 56 to 64, 66, 68 and 69 of the law n ° 17-95 relating to public limited companies, apply. to mutual insurance companies.

Article 198: There must be appointed in each mutual insurance company two auditors at least in charge of a mission of control and monitoring of the accounts of said company.

The penalties provided for in article 403 of the aforementioned law n ° 17-95 are the members of the administrative, management or management bodies of a mutual insurance company who have not caused the appointment of statutory auditors. accounts of the company or will not have convened them to any general meeting.

The provisions of the aforementioned law n ° 17-95 relating to the conditions of appointment of the statutory auditors, in particular as regards incompatibilities, their remuneration, their powers, their obligations, their responsibility, their replacement, their recusation and upon their revocation, are applicable to mutual insurance companies, subject to their own rules.

For the application of the aforementioned provisions, the members are assimilated to the shareholders.

Article 200: The title given to any member having subscribed to a loan for the increase of the establishment fund of a mutual insurance company must be established in the form provided by the administration.

Article 201: In the event that authorization is not obtained, lapsed or is withdrawn, the establishment fund is refundable up to the available balance.

Article 202: In mutual insurance companies with fixed contributions, the member cannot be held, in any case, beyond the contribution indicated on his contract.

In mutual insurance companies with variable contribution, the member cannot be held, in any case, except by application of the provisions of the first paragraph of article 193 above, beyond the maximum contribution indicated on his contract. . The maximum contribution paid may not exceed twice the amount of the normal contribution necessary to meet the probable charges resulting from claims and management costs.

The amount of the normal contribution must be indicated on the contracts issued to members. The fraction of the maximum contribution that members may, if applicable, have to pay in addition to the normal contribution must be set by the board of directors without this fraction exceeding seventy-five percent (75%) of the contribution paid. .

Article 203: Unless expressly authorized by the administration, the reminder of the contributions to be collected cannot be spread beyond three (3) years.

In all cases, this reminder constitutes debts on the members. These receivables are allocated to the years which produced them and in no way constitute an increase in future contributions.

Article 204: Without prejudice to the provisions provided for in article 176 of this law, any increase in the establishment fund subsequent to the constitution of the mutual insurance company must be carried out before the end of the third year following that during which this increase was decided by the general assembly.

Article 205: The mutual insurance companies can, after agreement of the administration, constitute unions having the sole purpose of taking charge of all the contracts subscribed by the member mutual insurance companies to which these unions give joint guarantee.

With regard to this law, unions are supposed to carry out insurance operations as referred to in

Article 206: Unions, whose legal personality is distinct from that of member mutual insurance companies, obey the same rules of constitution and operation as mutual insurance companies, except as otherwise provided for for said unions.

Article 207: Unions must be approved by the administration and must unite at least two mutual insurance companies.

When a union no longer brings together at least two mutual insurance companies, the approval granted to it automatically ceases. This situation is noted by the administration. The mutual insurance companies which formed it are resuming their activities in accordance with the authorization granted to them. However, when one of these mutual insurance companies does not have the minimum number of members provided for in article 174 above, the authorization is automatically withdrawn.

Article 208: The prior agreement of the administration is required for the withdrawal from the union of a mutual insurance company.

When the withdrawal of a mutual insurance company from the union risks compromising the financial balance of the latter, the administration may oppose its withdrawal.

Article 209: The joint surety of the union provided for in article 205 of this law is materialized by a reinsurance treaty covering all the risks of the mutual insurance companies which constitute the said union.

Article 210: The union establishment fund is made up of all the establishment funds of the mutual insurance companies constituting the union. The agreement establishing the union must provide for the conditions under which the union must bear the administrative costs of the companies of

However, in consideration of the operations that the union of mutual insurance companies intends to carry out and forecasts of its commitments, the administration may require the constitution of an establishment fund of a higher amount.

Article 211: The statutes of the unions must provide that the general meetings are composed of all the companies forming part of the union, each being exclusively represented by the members designated for this purpose.

The convocation to the general meeting, to which is attached the agenda, must be sent to the mutual insurance companies belonging to the union at least fifteen (15) days before the date fixed for the meeting of the Assembly.

Article 212: The application for authorization of a mutual insurance company can be filed either by the latter or by the union with which the founders of this company propose to reinsure themselves under the conditions provided for in article 205 of this law.

Article 213: The members of the board of directors of the union are appointed from among the directors or the non-directors of the mutual insurance companies which form part of it.

When a member combines the mandate of director of two or more mutual insurance companies, he can represent on the board of directors of the union only one mutual insurance company.

Article 214: The union is responsible for and in place of the reinsured mutual insurance company to keep at its headquarters the accounting books, documents and files required from insurance and reinsurance companies subject to the provisions of this law, establish and produce the accounts and statements whose publication and deposit with the administration are required by the legislation in force.

The union must constitute and represent under the conditions provided for by this law all the debts, reserves and provisions relating to the commitments made by the reinsured mutual insurance company.

All accounting entries relating to the commitments made by the company

Article 215: Insurance contracts issued by mutual insurance companies reinsured with a union must contain in very visible characters, the company name as well as the address of the seat of this union and reproduce the clause of the reinsurance treaty by which the union declares itself to be, in all cases, joint surety for the commitments of the mutual insurance company.

Article 216: The nullity of a mutual insurance company or that of acts and deliberations modifying the statutes can only result from an express provision of this chapter Ill, of the unlawful nature or contrary to public order of the object of the company or the incapacity of all the founders.

Any statutory clause contrary to a mandatory provision of this chapter III, the violation of which is not sanctioned by the nullity of the company, is deemed unwritten.

The nullity of acts or deliberations other than those provided for in the two preceding paragraphs can only result from the violation of a mandatory provision of this chapter III, or from one of the causes of nullity of contracts in general.

Article 217: The action for nullity is extinguished when the cause of nullity has ceased to exist on the day when the court rules on the merits in first instance.

The court seized of an action for nullity may, even ex officio, set a time limit to cover the nullity. He cannot pronounce the nullity less than two (2) months after the date of the originating request.

If to cover a nullity, a general meeting must be convened or a consultation of the members carried out, and if it is justified by a regular convening of this meeting or the sending to the members of the text of draft decisions accompanied by the necessary documents , the court grants by judgment the time necessary for the members to make a decision.

If at the end of the aforementioned period no decision has been taken by the members, the court rules on the action for nullity.

Article 218: The provisions of article 217 above are not applicable in the cases of nullity provided for in articles 984 to 986 of the dahir forming the aforementioned code of obligations and contracts.

Article 219: When the nullity of acts or deliberations subsequent to the constitution of the mutual insurance company is based on the violation of the rules of publicity, any person having an interest in the regularization of the act or the deliberation may put the company is under formal notice to do so within thirty (30) days of the said formal notice.

In the absence of regularization within this period, any interested party may ask the president of the court, ruling in summary proceedings, to appoint a representative responsible for carrying out the formality at the expense of the company.

Article 220: Actions in nullity of the mutual insurance company or of acts or deliberations subsequent to its constitution are barred by three (3) years from the day on which the nullity is incurred.

Article 221: When the nullity of the mutual insurance company is declared, it is automatically dissolved without retroactivity, and it is liquidated.

With regard to the company, it produces the effects of a dissolution pronounced by justice.

Article 222: Neither the mutual insurance company nor the members can claim a nullity with regard to third parties acting in good faith.

Article 223: The founders and the first directors of the mutual insurance company are jointly and severally liable for the damage caused by the lack of a mandatory mention in the articles of association as well as by the omission or irregular fulfillment of a formality prescribed by this chapter. III for the constitution of the company.

The provisions of the preceding paragraph are applicable, in the event of modification of the articles of association, to the directors in office at the time of the said modification.

The action lapses after five (5) years, as the case may be, from the date of incorporation of the company or the modification of the articles of association.

The founders of the mutual insurance company to whom the nullity is attributable and the directors in office, at the time when it was incurred, may be declared jointly and severally liable for damages resulting, for the members or for third parties, from the cancellation of the society.

Article 224: Liability action based on the cancellation of the mutual insurance company or acts or deliberations subsequent to its constitution is prescribed by five (5) years from the day on which the cancellation decision becomes irrevocable. .

The disappearance of the cause of nullity does not preclude the exercise of the action for damages aimed at repairing the damage caused by the defect with which the company, the act or the deliberation was tainted.

This action is prescribed by five (5) years from the day on which the nullity was covered.

Article 225: Members of the administrative or management bodies of a mutual insurance company who, in bad faith, have made, in bad faith, shall be punished by the penalties provided for in article 384 of the aforementioned law n ° 17-95. property or credit of the company, a use which they knew to be contrary to the economic interests of the latter for personal purposes or to promote another company or business in which they were directly or indirectly interested.

Article 226: Members of the administrative or management bodies of a mutual insurance company who have not convened the ordinary general meeting in the following cases are punished by the penalties provided for in article 388 of the aforementioned law n ° 17-95. conditions and deadlines provided for by the articles of association.

Title III: Management rules Article 227: No one may, in any capacity, found, direct, administer, manage or liquidate an insurance and reinsurance company: 1 – if it has been the subject of a irrevocable conviction for a crime or for one of the offenses provided for and punished by articles 334 to 391 and 505 to 574 of the penal code; 2 – if he has been the subject of an irrevocable conviction for breach of foreign exchange legislation;

3 – if he has been the subject or if the company he administered has been the subject, in Morocco or abroad, of judicial liquidation and that he has not been rehabilitated;

4 – if he has been the subject of an irrevocable conviction by virtue of the provisions of articles 280 to 283, 327, 328 and 330 of this law;

5 – if he has been the subject of a conviction pronounced by a foreign jurisdiction and which has become res judicata for one of the crimes and misdemeanors listed above;

6 – if he has been struck off from a regulated profession for disciplinary reasons.

Article 228: Without prejudice to the provisions of Articles 56 to 61 of Law No. 17-95 relating to public limited companies, agreements between an insurance and reinsurance company and one of its directors or directors must be entered before their execution to the knowledge of the administration.

This provision also applies to agreements concluded by an insurance and reinsurance undertaking with another undertaking when the same person exercises administrative or managerial functions simultaneously in the two contracting undertakings.

Article 229: Insurance and reinsurance companies must produce to the administration a document in which they undertake not to reinsure any risk concerning a person, property or liability located on the territory of Morocco with specific companies or belonging to specific countries, the list of which is drawn up by the administration.

Article 230: Insurance and reinsurance companies may only proceed with merger, split or absorption after prior agreement from the administration. Any request that remains unanswered after a period of sixty (60) days from the date of referral to the administration is considered to have been accepted by the administration. The refusal of

The administration may require the production of all documents necessary for the assessment of the operations referred to in the preceding paragraph.

Article 231: Insurance and reinsurance companies may, after approval by the administration, transfer part or all of their portfolio of contracts with its rights and obligations to one or more other approved companies.

The transfer request submitted to the administration must be brought by the company concerned to the attention of its creditors by notice published in the “Official Bulletin” edition of legal, judicial and administrative announcements. This notice gives said creditors a period of three (3) months from its publication to present their observations to said company. A copy of these observations must be sent to the administration.

Article 232: The administration may, at the expiration of the period provided for in Article 231 above, approve, under the conditions provided for by regulation, the transfer requested when it deems it to be in accordance with the interests of the insured and beneficiaries of contracts. .

This approval, which can only take place after advice from the Insurance Advisory Committee referred to in Article 285 below, makes the transfer enforceable against policyholders, contract beneficiaries and creditors and entails:

1 ° withdrawal of authorization for the category or categories of transactions sold when the transfer is partial °;

2 ° total withdrawal of the authorization with the dissolution and liquidation of the company when the transfer is complete.

In both cases, the ceding company undertakes to transfer, to the transferee company, the management of claims falling within the category or categories concerned by the transfer.

Title IV: Accounting and statistical rules Article 233:
Insurance and reinsurance companies are required to comply with the provisions of Law No. 9-88 relating to the accounting obligations of traders, subject to the provisions of this title.

Article 234: The form and content of the accounting framework and the summary statements which include the balance sheet, the income and expense account, the statement of management balances, the cash flow statement and the statement of additional information are set by regulatory route, after consultation with the relevant advisory bodies.

By way of derogation from the provisions of the last paragraph of article 2 of the aforementioned law n ° 9-88, the list and the operating methods of the accounts are set by regulation.

Article 235: By way of derogation from the provisions of articles 4 and 21 of the aforementioned law n ° 9-88, insurance and reinsurance companies are required, regardless of the amount of their annual turnover, to draw up a manual which has The purpose of this is to describe their accounting organization as well as the statement of management balances, the cash flow statement and the statement of additional information.

Article 236: The provisions of article 14 of the aforementioned law n ° 9-88 apply to insurance and reinsurance companies subject to the following provisions:

– the valuation of technical provisions and investments is governed by this law and the texts adopted for its application;

– in the event that an insurance and reinsurance company has assets expressed or has commitments denominated in foreign currencies, the accounts concerned are kept in these currencies and in dirhams.

However, the annual inventory, summary statements and other published documents are drawn up in dirhams °; the accounts relating to transactions in foreign currencies are converted into dirhams according to the exchange rates recorded on the date of closing of the accounts or on the earliest earlier date.

Article 237: By way of derogation from the provisions of article 20 of the aforementioned law n ° 9-88, in the event of partial cessation of activity, insurance and reinsurance companies cannot prepare their summary statements using methods other than those prescribed. by the aforementioned law n ° 9-88 or by this law.

Title V: Financial guarantees Article 238: Insurance and reinsurance companies must, at all times, record as liabilities and represent in their assets: – sufficient technical provisions for the full payment of the commitments contracted with regard to policyholders, subscribers and beneficiaries of contracts °; they are calculated without deduction of ceded reinsurance °;

– the items corresponding to privileged claims and payable debts °;

– the reserve for the amortization of the loan;

– a reserve equal to all the technical provisions chargeable to the social security scheme instituted by the company in favor of its staff °;

– guarantee deposits from agents, policyholders and third parties.

Technical provisions are established according to the nature of the operations carried out by the insurance and reinsurance companies. The conditions of their constitution, their evaluation, their representation and their deposit are fixed by the administration.

Article 239: Insurance and reinsurance companies must, in addition to technical provisions, justify, at all times, the existence of a solvency margin intended to deal with operating risks specific to the random nature of insurance operations. insurance.

The minimum amount and the components of the solvency margin are set by regulation.

Article 240: Insurance and reinsurance companies may only distribute dividends or distribute surplus revenue if they comply with the provisions of Articles 238 and 239 above and the texts adopted for their application and after full amortization of incorporation costs.

Article 241: When the administration finds that an insurance and reinsurance company has distributed dividends or distributed surplus revenue in contravention of the provisions of Article 240 above, it gives notice to the offending company, by registered letter with acknowledgment of receipt, to increase the capital or the establishment fund in cash up to the amount distributed or distributed. This increase is subscribed and released within a period which may not exceed three (3) months from the date of receipt by the company of the letter of formal notice.

After this period, the aforementioned increase in capital or establishment fund is increased to one hundred and twenty-five percent (125%) of the amount distributed or distributed. This increase is subscribed and released within a period which may not exceed six (6) months from the date of receipt by the company of the aforementioned letter of formal notice.

Title VI: Control rules Chapter One: Scope of control Article 242: Insurance and reinsurance companies are subject to State control under the conditions provided for by this title.

This control is exercised on the documents whose production is required by this law and on those requested by the administration insofar as they are necessary for the control mission. It is also exercised on site under the conditions provided for in article 246 below.

Article 243: This control is exercised in the interest of policyholders, subscribers and beneficiaries of contracts. Its purpose is to ensure that insurance and reinsurance companies comply with the provisions of this law and the texts adopted for its application.

If this is necessary for the exercise of its control mission and within the limit thereof, the administration may decide to extend the on-site control of an insurance and reinsurance company to any company in which this company owns, directly or indirectly, more than half of the capital or voting rights, as well as to bodies of any kind having directly or indirectly entered into with this company, a management, reinsurance or any other type agreement likely to ” alter its operational or decision-making autonomy concerning any of its fields of activity.

This control also extends to subsidiaries and branches of insurance or reinsurance companies which are located outside Morocco, insofar as this control does not conflict with the provisions prescribed by the countries where these subsidiaries operate. or branches.

This extension of control can have no other purpose than the verification of the real financial situation of the insurance and reinsurance company controlled, as well as the respect by this company of the commitments it has contracted with regard to policyholders or beneficiaries of contracts.

Article 244: Under no circumstances may the responsibility of the State, acting within the framework of the control it exercises in application of this title, be substituted for that of insurance and reinsurance companies subject to the provisions of this law.

Article 245: Insurance and reinsurance companies are required to produce all statements, reports, tables or documents likely to enable the financial situation to be checked, the progress of their operations, the issuance of premiums or contributions, the payment claims, valuation and representation of provisions in the form and within the deadlines set by regulation.

These statements, reports, tables and documents must be certified by the auditors of the said companies.

The on-site control provided for in article 242 of this law is carried out by sworn officials delegated for this purpose by the administration. These officials can at any time check on the spot all the operations carried out by the insurance and reinsurance companies.

When the verification report contains observations, it is communicated, as the case may be, to the board of directors or to the supervisory board of the company which has fifteen (15) days to make its position known. . This report is also sent to the statutory auditors.

Article 247: Specimens of insurance contracts that insurance and reinsurance companies intend to issue for the first time must be communicated to the administration prior to their issue. In addition to specimens of insurance contracts, the administration may require the communication of all documents of a contractual or advertising nature relating to an insurance or reinsurance operation.

If it appears that a document is contrary to the provisions of this law or of the texts adopted for its application, the administration may require its modification or decide to withdraw it.

In the absence of observation from the administration within thirty (30) days of receipt, the documents may be distributed,

Article 248: The administration may, after consulting the Insurance Advisory Committee provided for in Article 285 below:

– determine the standard general conditions of contracts and / or the use of standard contract clauses relating to operations referred to in articles 159 and 160 of this law °;

– fix the clauses the insertion of which is prohibited or compulsory;

– set the actuarial calculation rules applicable to life insurance or capitalization contracts;

– set the criteria for determining pure premiums for insurance operations other than life insurance or capitalization °;

– determine the conditions under which policies and prospectuses intended for the public must be drawn up and used;

– set the rules that reinsurance treaties must comply with.

Article 249: When the situation so requires, the administration may, at any time, ask any company, whatever its legal form, to have its accounts audited.

Any audit assignment must be the subject of a report communicated to the administration.

Article 250: The auditors must be chosen from outside those fulfilling a mandate of auditor with the company concerned. In addition, they must not, under any circumstances, have direct or indirect links of subordination with the audited company or a relationship of kinship or alliance with its managers.

Chapter II: Control methods Article 251:
When an insurance and reinsurance company infringes a provision of this law or of the texts adopted for its application, the administration, after having put its managers in a position to present their observations, may send it a warning. It may also, under the same conditions, send it an injunction to take any measure within a specified time frame intended to restore or strengthen its financial balance or to correct its practices.

Article 252: Without prejudice to the provisions provided for in 1 st and 2 ndparagraphs of article 89 above, if exceptional circumstances, likely to compromise the interests of policyholders and beneficiaries of contracts, so require, the administration may order a company to suspend the payment of surrender values ​​or the payment of advances on contracts which include them. The decision of the administration must be motivated.

Article 253: In the event that the solvency margin does not reach the minimum amount provided for in the 2nd paragraph of article 239 above, the administration, without prejudice to the application of the provisions provided for in article 265 below, must require from the said company the presentation of a financing program of a maximum duration of three (3) years which specifies the measures likely to allow the reconstitution of the solvency margin. This program must provide for the increase of the share capital or the establishment fund to an amount at least equal to that fixed by the administration.

However, when the solvency margin does not reach one third (1/3) of the minimum amount referred to in the previous paragraph, the duration of the financing program is set at three (3) months.

The share capital or the establishment fund must be constituted and, as the case may be, released during the period of execution of the financing program. In the event of refusal of a financing program or its non-execution, the provisions of article 254 below will be applied.

Article 254: When it appears on examination of the accounting and financial documents that a company must provide in accordance with Article 245 above, or on the occasion of a control or verification carried out in application of the provisions of Article 246 above, that its financial situation may not give sufficient guarantees to enable it to fulfill its commitments, the administration may, without prejudice to the

1 ° or prohibit the company from subscribing, for a period which may not exceed two (2) years, to new contracts in one or more categories of operations for which or for which it has been approved.

This prohibition must be brought to the attention of the public by the company concerned °:

a) by posting on its premises and in those of the insurance intermediaries responsible for collecting the said subscriptions °;

b) by publication in two newspapers authorized to receive legal announcements.

Contracts entered into in contravention of this prohibition are void. However, this nullity is not opposable to policyholders, subscribers and beneficiaries of contracts in good faith.

2 ° either by registered letter with acknowledgment of receipt for the company to present to it, within the time limits it sets, a recovery plan which must include the measures it proposes to take, or to redress its financial situation in order to fulfill its commitments, either to strengthen its administrative, technical or accounting structures necessary for the management of the category or categories of operations for which it has been approved.

Upon receipt of the registered letter, all decisions, other than day-to-day management taken by the general meeting or by the supervisory, administrative or management bodies of the company, must be submitted, prior to their execution to the administration approval. Unless it is ratified by the latter, measures taken in violation of this provision are deemed null and void.

Article 255: When the administration accepts the proposed recovery plan, it specifies the deadlines and the methods of application of the said plan. It can also prescribe to the company concerned an increase in its share capital or its establishment fund, the prohibition of the free disposal of its movable and real estate assets located in Morocco and the constitution by its managing directors. personal guarantees as well as any other measures allowing the recovery of the financial situation of the company.

The amounts of the aforementioned guarantees cannot be less than one million dirhams per managing director and will be acquired by the company in the event of non-execution of the plan.

Under no circumstances can the State be held liable for the application of the recovery plan.

Article 256: Upon notification of the registered letter requiring the company to present a recovery plan, the administration may prescribe the latter protective measures provided for by regulation aimed at protecting the interests of policyholders and beneficiaries of contracts. .

Article 257: A joint committee is established, comprising representatives of the administration and representatives of insurance and reinsurance companies, the composition of which is determined by regulation.

This commission is consulted by the administration on:

– the recovery plans presented by the companies concerned °;

– the causes which are at the origin of the financial imbalance observed in the examination of the accounting and financial documents of the aforesaid companies °;

– their eligibility for the Insurance Solidarity Fund created by Article 39 of the Dahir on Law No. 1-84-7 of 6 Rabii Il 1404 (January 10, 1984) enacting financial measures pending the promulgation of the law of finances for the year 1984.

Article 258: In the event of refusal to present a recovery plan or non-execution, within the time limits, of the accepted recovery plan, the administration may without prejudice to the penalties provided for in title IX of this book:

– pronounce the automatic transfer of the portfolio of contracts in progress and claims °;

– withdraw from the latter partially or totally its approval.

Article 259: The provisional administrator has the widest powers of day-to-day management with the exception of acts of disposal, except with the express authorization of the administration.

The provisional administrator must present to the administration every six (6) months a report on his mission and, at the latest twenty-four (24) months from his appointment, an evaluation report of the company. with its conclusions on the possibilities of its reorganization or liquidation. The administration must, within nine (9) months following the filing of the provisional administrator’s report, as the case may be, either accept a business recovery plan, or automatically transfer all of its current contracts as well. that the claims to another company, either proceed to the total withdrawal of its approval and pronounce its liquidation.

The decision taken by the administration, after consulting the Insurance Advisory Committee referred to in Article 285 below, must be notified to the provisional administrator. This notification terminates the latter’s mission.

Article 260: The remuneration of the provisional administrator is fixed by the administration. It is the responsibility of the company concerned.

Article 261: Throughout the term of office of the provisional administrator, all the powers of the general assembly and of the supervisory and administrative bodies of the company concerned are suspended.

Unless ratified by the administration, decisions taken in violation of this provision are deemed null and void.

The provisions provided for in article 228 of this law are applicable to the provisional administrator.

Article 262: Temporary prohibition from taking out new contracts in one or more categories of insurance provided for in 1 ° of article 254 of this law, the appointment of a provisional administrator and the automatic transfer referred to in l Article 258 above, can only be decided after the opinion of the Insurance Advisory Committee provided for in Article 285 below.

Beforehand, the company concerned must be given formal notice, by registered letter with acknowledgment of receipt to the last known address of its head office,

The provisions of the preceding paragraph do not apply to the decision of the administration taken in application of the 2 nd paragraph of article 259 above.

Article 263: When it is observed, upon examination of the accounting and financial documents that a company must provide in accordance with Article 245 above, or during a control or verification carried out in application of the provisions of Article 246 above, that the imbalance of the company’s situation results from one or more of the categories of compulsory insurance operations that it carries out, the company may, after approval of its plan recovery by the administration, obtain aid charged to the aforementioned Solidarity Insurance Fund, to remedy all or part of this imbalance.

Article 264: The automatic transfer provided for in article 258 above to another approved company can only be pronounced with the agreement of the latter to which a subsidy exempt from all taxes and duties will be granted.

This subsidy is intended to make up all or part of the shortfall in assets of the ceding company, in consideration of its real commitments. It is charged to the aforementioned Insurance Solidarity Fund.

Chapter III: Withdrawal of authorization Article 265: Independently of the cases of withdrawal of authorization provided for in article 258 above, the administration may partially or totally withdraw the authorization of an insurance and reinsurance company when °: – the general interest requires it °;

– the company does not operate in accordance with the laws and regulations in force;

– the company refuses to take out automobile risk insurance provided for in article 128 of this law;

– the company does not meet the financial guarantees provided for in Title V of this book.

The total withdrawal of authorization made at the initiative of a company can only take place within the framework of the total transfer referred to in article 231 of this law.

Article 266: The total or partial withdrawal of authorization can only take place after the opinion of the Insurance Advisory Committee referred to in Article 285 below. The company concerned must first be given formal notice, by registered letter with acknowledgment of receipt to the last known address of its head office, to present its observations in writing within fifteen (15) days from receipt of the aforementioned letter.

This last condition does not apply to companies placed under provisional administration.

Article 267: The 20 thday at noon, as from the publication in the “° Official Bulletin” of the administrative act pronouncing the withdrawal of the authorization granted to an insurance and reinsurance company, all the contracts taken out by it automatically cease. ‘to have effect and the premiums relating to the period running from the day of the automatic termination to the expiry date provided for in the contract must be reimbursed to the insured.

However, maritime insurance contracts, life insurance, matrimonial or dowry insurance, capitalization, acquisition of buildings by constitution of life annuities and credit or surety insurance remain governed by their general conditions. and particular until publication in the “° Official Bulletin °” of the

An administrative act can either fix the date on which the contracts cease to have effect, or authorize their transfer, in whole or in part, to one or more insurance and reinsurance companies, extend their expiry date, decide on the reduction of the sums. payable in the event of life or death, as well as attributed profits and redemption values, so as to reduce the value of the company’s liabilities to the amount that the situation of that company allows to cover.

Article 268: The total withdrawal of the authorization entails the dissolution and liquidation of the company.

The second paragraph of article 267 above does not preclude the application of this provision.

The liquidation of an insurance and reinsurance company cannot be carried out by the company itself.

Title VII: Liquidation Article 269: When a total withdrawal of approval occurs by virtue of articles 258 or 265 above and notwithstanding any provision to the contrary, the administration appoints a liquidator, natural or legal person. In this case, a subsidy exempt from taxes and duties may be granted by the administration to the said company to make up all or part of the shortfall in assets relating to the categories of compulsory insurance. The terms of payment of this subsidy, which will be charged to the aforementioned Insurance Solidarity Fund, will be set by the administration.

The liquidator must report to the administration on the execution of his mandate under the conditions set by regulation.

The administration may at any time ask the liquidator for information and justifications on its operations and have verifications carried out on the spot. The administration may, if necessary, on the report of the sworn officials referred to in article 246 above, replace the liquidator.

Article 270: The liquidator has the most extensive powers to administer and liquidate the business, to realize the assets both movable and real estate and to stop the liabilities taking into account unpaid claims, under the conditions provided by the administration.

Any movable or real estate action can be followed or brought only by him or against him.

The provisions provided for in article 228 of this law are extended to the liquidator.

Article 271: The remuneration of the liquidator is fixed by the administration. It is the responsibility of the company concerned.

Article 272: The decision appointing the liquidator is brought to the attention of the public by insertion in the “° Official Bulletin”, within fifteen (15) days following his appointment.

Article 273: The administration pronounces the closure of the liquidation of the commitments arising from the categories of insurance operations on the report of the liquidator, when all the privileged creditors holding their right to the execution of insurance contracts have been paid or when the price operations is stopped for insufficient assets.

The liquidator proceeds with the distribution of the assets taking into account the privileges of the creditors. The distribution is made on a marc le franc basis except for the categories of insurance for which specific provisions are provided.

Article 274: The liquidator and all those who participate in the administration of the liquidation are prohibited from acquiring for their benefit, directly or indirectly, amicably or by legal process, all or part of the movable or real estate assets of the company in liquidation.

Article 275: The liquidation of an insurance and reinsurance company may not lead to any reduction in the commitments contracted by reinsurers prior to this liquidation.

Title VIII: The privileges of the Insured and beneficiaries of contracts Article 276: The assets of insurance and reinsurance companies are affected by a special privilege and a general privilege.

The special privilege relates to the part of the assets constituting the guarantees and the technical provisions relating to the operations referred to in Articles 159 and 160 above and carried out in Morocco. It guarantees the settlement of these transactions.

The general privilege relates to all movable property included in the assets of the company, it is assigned to guarantee the settlement of the aforementioned transactions carried out anywhere.

The general privilege ranks after the privileges listed in article 1248 of the dahir of 9 Ramadan 1331 (August 12, 1913) forming the Code of Obligations and Contracts.

The special privilege, in that it relates to furniture, ranks after the privileges listed in article 1250 of the dahir of 9 Ramadan 1331 (August 12, 1913) above.

The privileged claim is stopped, both for the application of the general privilege and for that of the special privilege, as follows:

1 ° to the amount of the mathematical provision, for annuities due to victims of industrial accidents or to their beneficiaries °;

2 ° to the amount of the mathematical provision for contracts which include it, according to the regulations in force, reduced, if applicable, by policy advances, including interest and increased by the amount of the individual account for participation in the benefits opened in the name of the insured °;

3 ° the amount of compensation due as a result of a claim, this amount being equal to the mathematical provision for compensation due in the form of an annuity;

4 ° the amount of the portion of the premium paid in advance and of the premium provision corresponding to the period for which the risk did not run.

Claims for mathematical provisions and claims indemnities are paid by preference.

The special privilege, provided for above, is preserved on the buildings by a registration in the land title of the land property concerned, at the request of the aforementioned companies or, failing that, the administration.

The cancellation of the registration provided for in the preceding paragraph can only be carried out after approval by the administration.

The registration or cancellation fees are, in all cases, the responsibility of the companies concerned.

Article 277: In the event of an amicable partition of an undivided property belonging in co-ownership to one or more companies and to third parties, the registration of the deed of partition can only be made on the land title after approval by the administration.

Title IX: Sanctions Article 278: Insurance and reinsurance companies which have not produced the documents or publications prescribed by this law within the time limits prescribed by this law and the texts adopted for its application are, in each case, punishable by an administrative fine of five hundred (500) dirhams per day of delay from the thirtieth (30 th ) day of receipt by the company at its registered office, a letter of formal notice.

This fine is collected as for registration, at the request of the administration.

When production or publication is prescribed for fixed dates, the administrative late payment fine will run automatically from these dates unless the administration has postponed the said dates in whole or in part.

Article 279: Regardless of the criminal penalties that it may incur by virtue of this title, when an insurance and reinsurance company has not complied with a provision provided for by this law and by the texts adopted for its application, The administration may pronounce against it or that of its managers one of the following disciplinary sanctions, depending on the seriousness of the breach:

1) warning;

3) the prohibition to carry out certain operations and all other limitations in the exercise of the activity °;

4) the temporary suspension of one or more managers of the company °;

5) automatic transfer of all or part of the company’s portfolio of current contracts and claims

6) total or partial withdrawal of approval.

The penalties provided for from 2) to 6) above may only be pronounced after the opinion of the Insurance Advisory Committee provided for in article 285 below.

Beforehand, the insurance and reinsurance company must be put on formal notice, by registered letter with acknowledgment of receipt to the last known address of its head office, to present its observations in writing within fifteen (15) days. upon receipt of the aforementioned letter.

Article 280: If the financial situation of the dissolved company, following a total withdrawal of authorization is such that it no longer offers sufficient guarantees for the performance of its commitments, are liable to the penalties of simple bankruptcy , the chairman, directors, general managers or managers of the company and in general any person having directly or through an intermediary, administers or managed the company under cover or in place of its legal representatives, who in this capacity have °:

– either used large sums belonging to the company by carrying out operations of pure chance or fictitious °;

– or used ruinous means to obtain funds with the intention of delaying the withdrawal of approval of the

– either paid or made to pay irregularly a creditor after the withdrawal of authorization;

– either kept or caused to be kept or, allowed to irregularly keep the company’s accounts.

Article 281: Are liable to the penalties of fraudulent bankruptcy, the persons mentioned in article 280 above who have fraudulently withdrawn from the books of the company, embezzled or, concealed part of its assets or recognized the company debtor of sums that it did not owe, either in the accounting entries, or by public deeds or under private signature, or in the balance sheet.

Article 282: Any liquidator or any person having participated in the administration of the liquidation who, in violation of the provisions of article 274 above, became a purchaser on his behalf, directly or indirectly, shall be punished by the penalties provided for for simple bankruptcy, property of the company in liquidation.

The same penalties apply to any liquidator or any person having participated in the administration of the liquidation who:

– used large sums belonging to the company by carrying out pure chance or fictitious transactions;

– irregularly paid or caused to pay a creditor;

– kept, caused to be kept, or allowed to be kept irregularly the accounts of the company.

Article 283: Any liquidator or any person having participated in the administration of the liquidation who has fraudulently hijacked, concealed, attempted to misappropriate or conceal part of the assets of the company or who fraudulently acknowledged the company debtor of sums that it did not owe, either in the accounting entries, or by public deeds or under private signature, or in the balance sheet.

Article 284: The court ruling on the offenses provided for in articles 280 to 283 above may, at the request of the administration or of its own motion and in the event of a conviction, charge the persons referred to in the aforementioned articles, all or part with or without solidarity, the debts of the company unless it is established that they have brought to the management of social affairs all the necessary activity and diligence.

Title X: Professional bodies Article 285: An Insurance Advisory Committee is hereby created to give its opinion on all questions relating to insurance and reinsurance operations. It can be seized at the request either of the administration or of the majority of its members.

It is also referred by the administration to any draft law or regulatory texts governing the conditions of exercise, management and marketing of insurance operations.

The opinions of the Insurance Advisory Committee are advisory.

Article 286: The Insurance Advisory Committee is chaired by the Minister in charge of finance or his representative.

It is composed of five (5) representatives at most of the administration, twelve (12) to sixteen (16) representatives of insurance and reinsurance companies and four (4) representatives of insurance intermediaries. It also includes the director of the Caisse de dépôt et de gestion, a representative of the National Committee for the Prevention of Road Accidents, a magistrate with the rank of advisor versed in the economic and financial field appointed by the first president of the Supreme Court. The terms of appointment of the members of this committee are set by regulation.

The committee, at the request of its chairman, may add, without voting rights, any person whose opinion it considers useful.

Article 287: The list of members representing insurance and reinsurance companies as well as insurance intermediaries, whose mandate is three (3) years renewable, is fixed by the administration and published in the “Official Bulletin”.

This list must include full members and substitute members.

Article 288: The Insurance Advisory Committee meets whenever necessary and at least once a year.

It may create one or more committees within it, to which it delegates all or part of its powers and in particular the examination of regulatory texts, the study of technical issues and market organization.

The committee draws up internal regulations which will be approved by regulation.

Book four: Presentation of insurance operations Title One: Definition, conditions of exercise and management Article 289: The operations carried out by insurance and reinsurance companies are presented to the public either directly by said companies or by the ” through persons authorized for this purpose and referred to as “° insurance intermediaries” and this, subject to the provisions of article 306 below. The direct presentation of insurance transactions is subject to the prior approval of the administration. However, insurance operations other than those relating to personal insurance, assistance and credit insurance,

paragraph of Article 306 below only by the insurance intermediaries defined in Article 291 below, when these persons act as policy underwriters on behalf of their customers.

Article 290: The companies referred to in article 158 of this law and insurance intermediaries may authorize natural persons called “direct sellers” to present on their behalf and under their responsibility, the insurance operations provided for in articles 159 and 160 above.

Direct sellers do not have the quality of insurance intermediary. Their mission is limited to usually going to people’s homes or residences or to their workplaces or public places in order to advise on taking out an insurance contract or to make an oral or written statement to a possible subscriber to the guarantee conditions of an insurance contract.

Article 291: An insurance intermediary is any person approved by the administration, as an insurance agent, natural or legal person, or as a brokerage company.

Article 292: The insurance agent is the person authorized by an insurance and reinsurance company of which he is the agent, to present to the public the operations provided for in articles 159 and 160 of this law.

The insurance agent can represent, at most, two (2) insurance and reinsurance companies on condition of obtaining the agreement of the company with which he signed the first appointment treaty.

Article 293: The treaty appointing an insurance agent must specify the scope and nature of the operations he carries out on behalf of the insurance and reinsurance company (s).

Article 294: In the event of a transfer of a portfolio of insurance contracts from one insurance and reinsurance company to another, the transferee company takes over the agencies belonging to the ceding company.

In the event of refusal of the renewal of one or more appointment treaties binding the ceding insurance and reinsurance company and its agents, the transferee company remains solidary with it for all the rights acquired by these agents of arrears commissions, and of the right to a compensatory indemnity.

Insurance agents do not derive any rights from their mandate to oppose a measure of transfer of a portfolio of contracts from one principal company to another or the withdrawal of its authorization.

When the insurance agent is a legal person, it must be incorporated in the form of a public limited company or a limited liability company.

In this case, the company appoints a responsible representative, a natural person, who must fulfill the conditions provided for in 1) of the 2nd paragraph of article 304 and in article 308 below.

Article 296: The insurance agent may not exercise his profession concurrently with that of the responsible representative of an insurance agency or a brokerage company or the manager of an insurance and reinsurance company. Incompatibility with salaried employment extends to any other company regardless of the field of its activity.

The incompatibilities provided for in the previous paragraph extend to the responsible representative of a brokerage firm.

Article 297: The brokerage company represents its clients with insurance and reinsurance companies with regard to the placement of risks. However, this representation is also supposed to take place on behalf of the insurance and reinsurance company in the event that the latter authorizes the brokerage company to collect the premiums for its benefit.

In this case, the collection of the premium by the brokerage company is final for the client it represents.

Article 298: The brokerage company is only authorized to settle claims on behalf of insurance and reinsurance companies by special mandate.

Article 299: The brokerage company must be incorporated in the form of a public limited company or a limited liability company.

It appoints a responsible representative, a natural person, who must fulfill the conditions provided for in 1) of the 2nd paragraph of article 304 and in article 308 below.

Article 300: When the insurance agent is a legal person, the statutes of the latter must, notwithstanding any agreement to the contrary, provide that the responsible representative is appointed from among the managers or executive directors of the said legal person.

This provision applies to brokerage firms.

Article 301: The insurance intermediary can only practice in one room. He may not exercise in this room other activities not related to the profession of insurance intermediary.

Article 302: The following are prohibited:

1 ° The use of cover notes and insurance certificates in the name of the insurance intermediary °;

2 ° Any remuneration or advance made by an insurance intermediary who, through fees agreed in advance, is responsible for guaranteeing the insured and beneficiaries of contracts or their beneficiaries the benefit of amicable agreements or court decisions °;

3 ° The collection of a premium amount greater than that fixed by the company with which the contract is taken out as well as the granting to the policyholders of any commission rebate or premium discount in any form whatsoever.

Article 303: Insurance intermediaries are required to guarantee the civil liability that they may incur as a result of their activities. This guarantee must be materialized by the subscription of an insurance contract for an amount at least equal to five hundred thousand (500,000) dirhams for agents and one million (1,000,000) dirhams for brokerage companies.

It is forbidden for an insurance and reinsurance company authorized to carry out the insurance operation against the risks of civil liability to refuse to cover insurance intermediaries subject to the insurance obligation established by the previous paragraph. .

Article 304: The approval of an insurance intermediary can only be granted by the administration after consulting the Insurance Advisory Committee.

This approval is subject to the following conditions:

1) For individuals:

– be of Moroccan nationality °,

– hold a license issued by a national university establishment or a diploma recognized as equivalent by the administration °;

– have passed the professional examination.

2) For legal persons °:

– be governed by Moroccan law and have their registered office in Morocco °;

– To have fifty percent (50%), at least of the capital held by natural persons of Moroccan nationality or legal persons governed by Moroccan law.

The terms and conditions for granting approval are set by regulation.

Article 305: Insurance and reinsurance companies are required to provide training courses for insurance intermediaries.

Article 306: Barid AI-Maghrib created by law n ° 24-96 relating to post and telecommunications and authorized banks in application of the dahir on law n ° 1-93-147 of 15 Moharrem 1414 (July 6, 1993) relating to the exercise of the activity of credit institutions and their control, can only present insurance transactions to the public after obtaining approval from the administration to this effect.

For this approval, Barid AI-Maghrib and the banks must justify to the administration the existence of structures at the level of their services intended to present insurance operations.

The presentation of insurance operations by Barid AI-Maghrib and by banks is limited to personal insurance, assistance and credit insurance.

As part of their activity of presenting insurance operations, Barid AI-Maghrib and the banks are subject to the provisions of articles 297, 298, paragraph of 2) of the 2 nd paragraph), 309, 311, 313, 315, 316, 318 and 320 to 328 of this book IV.

Exceptionally, and necessarily after the opinion of the insurance advisory committee, persons other than those referred to in article 289 and in the first paragraph of this article, may be authorized by the administration to present insurance transactions to the public in the conditions provided for by regulation.

Article 307: Insurance intermediaries constituted as a legal person are required to inform the administration of any change of majority, of any transfer of more than ten percent (10%) of the shares or shares and of any acquisition of shares. direct or indirect control beyond thirty percent (30%) of their share capital.

Article 308: No one may be approved:

1) if he has been the subject of an irrevocable conviction for a crime or for an offense provided for and punished by articles 334 to 391 and 505 to 574 of the penal code;

2) if he has been the subject of an irrevocable conviction for breach of foreign exchange law;

3) if it has been the subject or if the company it administered has been the subject, in Morocco or abroad, of judicial liquidation and that it has not been rehabilitated;

4) if he has been the subject of an irrevocable sentence under the provisions of articles 280 to 283 and 327 to 330 of this law;

5) if he has been the subject of a conviction pronounced by a foreign court and which has become res judicata for one of the crimes and offenses referred to in 1) to 4) above °;

6) if he has been struck off a regulated profession for disciplinary reasons.

The occurrence of one of the aforementioned incompatibilities for a practicing insurance intermediary entails automatic withdrawal of its authorization.

Article 309: Insurance intermediaries are remunerated on commission.

Article 310: In the event of the liquidation of an insurance and reinsurance company under the conditions provided for in articles 269 to 275 of this law, the appointment treaties provided for in

Title II: The transfer of the portfolio of a brokerage company or an insurance agency Article 311: The portfolio of a brokerage company or an insurance agency can only be transferred to an intermediary of ‘insurance approved and after approval by the administration. – Any request for transfer that remains unanswered within thirty (30) days of its filing entails the approval of the administration. The transfer of the agency can only take place after the prior agreement of the mandating company. The assignment entails the withdrawal of authorization for the assigning insurance intermediary. Article 312:

Without prejudice to the provisions of article 311 above, the beneficiaries of a natural person insurance agent, defaulting or deceased, are allowed to continue the management of the portfolio of the agency and have a period of 365 days renewable only once upon authorization from the administration, from the finding of default or death to comply with the requirements of article 304 above. After this period, the administration withdraws the approval.

The provisions of the previous paragraph apply to the partners or shareholders of a legal person insurance intermediary, in the event of default or death of the responsible representative.

The conditions of

Title III: Control rules Article 313: Insurance intermediaries are subject to State control under the conditions provided for by this title. Article 314: Titles of any kind, prospectus, posters, circulars, plaques, printed matter and all other documents intended for distribution to the public or published through insurance companies must always bear the name or the company name. the following statement, in uniform and visible characters: “° Insurance intermediary governed by law n ° 17-99 relating to the insurance code °”, as well as the number and date of approval.

They must not include any insertion liable to mislead the nature of the control exercised by the State, nor the real nature of the activity of the insurance intermediary or the real importance of its commitments.

Article 315: Insurance intermediaries must produce to the administration the documents which make it possible to report on their activities within the time limits and in accordance with the models provided for by regulation.

Article 316: Insurance intermediaries are subject to the control of sworn officials delegated for this purpose by the administration. These officials can at any time check on the spot the transactions carried out by insurance intermediaries. Insurance intermediaries must, at all times, place qualified personnel at their disposal to provide them with the information they deem necessary for the exercise of control.

The infringements noted within the framework of this control must be the subject of a report drawn up by the aforementioned officials and communicated to the insurance intermediary concerned to enable him to provide his explanations within fifteen (15) days which the transmission of this report follows.

In view of this report and the explanations provided by the intermediary of insurance companies, the administration may take the measures provided for in the first chapter of title V of this book with regard to the latter, relating to administrative sanctions.

Article 317: Insurance intermediaries may not oppose the control that could be exercised by the companies of which they are agents or on behalf of which they present insurance transactions.

However, as regards brokerage firms, supervision must be strictly limited to transactions carried out on behalf of these firms.

Article 318: Insurance intermediaries must pay insurance premiums collected on behalf of insurance and reinsurance companies within the time limits set by regulation.

Article 319: Insurance intermediaries must comply with the provisions of Law No. 9-88 relating to the accounting obligations of traders.

Title IV: Cessation of activity and withdrawal of authorization of the insurance intermediary Article 320: Regardless of the cases of withdrawal provided for in the last paragraph of Article 308 above, the authorization of the intermediary ‘insurance is withdrawn definitively: – when it no longer fulfills one of the conditions necessary for the granting of authorization;

– when his appointment treaty has been terminated by the insurance and reinsurance company for which he is the agent and after approval from the administration

– when he renounces his authorization;

– when he has not started his activity, within one (1) year or has ceased for one year to present the insurance operations for which he has been approved, except physical incapacity as a result of illness or accident resulting in immobilization for a period exceeding three (3) months. The illness or incapacity must be noted by a panel of three (3) doctors, a copy of the report of which must be submitted to the administration.

Any termination of activity exceeding one (1) month must be brought to the attention of the administration.

Article 321: Authorization can only be withdrawn after consultation with the Insurance Advisory Committee. The interested party must first be given formal notice, by registered letter with acknowledgment of receipt to his last domicile or registered office known to the administration, to present his observations in writing within thirty (30) days from the date of the date of dispatch of said letter.

Article 322: When a company referred to in Article 158 above ceases all activity with an insurance intermediary and vice versa, the latter must deliver to the latter the forms and documents that it had entrusted to it within the framework of the exercise of his profession of insurance intermediary.

This provision also applies in the event of denunciation by one or other of the parties to the appointment treaty and in the event of withdrawal of approval.

Title V: Administrative and penal sanctions Chapter One: Administrative sanctions Article 323: Insurance intermediaries who have not produced the documents prescribed by article 315 of this book within the time limits prescribed by article 315 of this book are, in each case , punishable by an administrative fine of five hundred (500) dirhams per day of delay from the thirtieth (30 th ) day of receipt through to his last known address or registered office of the administration of a registered letter of formal notice.

This fine is collected as in registration and stamp.

When the production is prescribed on fixed dates, the administrative fine for delay will run automatically from these dates, unless these dates are postponed by the administration.

Article 324: Regardless of the criminal penalties they may incur, insurance intermediaries who do not comply with the prescriptions provided for in this book may, depending on the seriousness of the irregularity or the offense, be subject to ” a warning, a reprimand or a withdrawal of approval on a temporary or permanent basis. The sanction decision must be motivated.

Temporary withdrawal of authorization can only be pronounced in the event of prosecution for a misdemeanor or felony resulting in detention. If the intermediary benefits from provisional release, the administration may authorize him to continue his activity.

Article 325: An administrative fine varying from two thousand (2,000) to twenty thousand (20,000) dirhams, collected as in matters of registration and stamp, may be pronounced for the following cases:

– refusal to communicate the information requested by the officials referred to in article 316 of this law, or obstruction to the normal exercise of control. The absence of persons authorized to communicate this information is assimilated to a refusal. In this case, a period of three (3) days, notified in writing, must be granted to the insurance intermediary requiring him to make available to the aforementioned officials qualified personnel to provide them with the information they deem useful. °;

– refusal to provide the insurance and reinsurance company concerned with printed matter and documents entrusted to it by the latter within the framework of the exercise of its profession of insurance intermediary °;

– exceeding the time limits provided for in article 318 of this book for the payment to insurance and reinsurance companies of premiums collected on behalf of said companies;

– failure to observe the provisions of article 296 above.

Article 326: The administrative sanctions provided for in Articles 324 and 325 above may only be pronounced after the opinion of the Insurance Advisory Committee. The insurance intermediary must be notified in advance by registered letter with acknowledgment of receipt sent to his last domicile or headquarters known to the administration to present his observations in writing within thirty (30) days from the date of the date of dispatch of this letter.

The administration can order the intermediary concerned to display or insert decisions pronouncing the withdrawal of temporary or definitive authorization in two newspapers authorized to receive legal announcements.

Chapter II: Penal sanctions Article 327: Is liable to imprisonment of three (3) months to two (2) years and a fine of two thousand five hundred (2,500) to ten thousand (10,000) dirhams or ” only one of these two penalties: – presents in bad faith with a view to their subscription or has contracts taken out on behalf of an unauthorized insurance and reinsurance company for the category of operations in which these fall contracts °; – exercises the profession of intermediary of

The companies referred to in article 158 above and insurance intermediaries who use the services of unauthorized persons to present insurance transactions are liable to the same penalties.

Article 328: Any insurance intermediary who, in bad faith, covers a risk without having drawn up and transmitted the insurance proposal to a company approved to carry out insurance operations in Morocco, is liable by way of derogation from article 540 of the penal code, imprisonment from one (1) to five (5) years and a fine equal to ten (10) times the amount of premiums fraudulently collected, without the amount being less than five thousand (5,000 ) dirhams.

Having the necessary materials for this purpose: false printed matter, proposals, policies, cover notes, insurance certificates or devices enabling them to be made, constitutes an unequivocal commencement of execution and is punishable by the same penalties. .

Article 329: The court which pronounced the prison sentences provided for in articles 327 and 328 above, obligatorily orders the immediate closure of the deemed or non-professional premises where the convicted person carried out his activities and the confiscation of the material object of the offense. .

Article 330: In the event of judicial convictions at first instance, for felonies or misdemeanors or any other conviction exceeding three (3) months’ imprisonment for the acts provided for in article 308 of this law, the approval may be withdrawn as temporary, for the entire period in which no judicial decision having the force of res judicata has been taken.

Without prejudice to the sanctions that the administration may take within the framework of its control, in the event of acquittal, the person concerned shall be restored to his rights.

Book five: Miscellaneous and transitory provisions Article 331: The deadlines provided for by the provisions of this law are clear deadlines. Article 332:

The administration fixes the list of newspapers authorized to receive legal announcements in application of this law.

Article 333: All contrary provisions are repealed and in particular those:

– of the dahir of 17 Safar 1339 (October 30, 1920) on agricultural mutual insurance companies or funds °;

– the decree of 20 chaabane 1353 (28 November 1934) relating to the insurance contract °;

– of the dahir of 29 rabii Il 1356 (July 8, 1937) relating to the settlement of costs and indemnities due as a result of automobile accidents and to civil liability insurance contracts for owners of motor vehicles on the road;

– the decree of 13 chaabane 1360 (September 6, 1941) unifying state control over insurance, reinsurance and capitalization companies °;

– of the Dahir of 19 joumada I 1362 (May 24, 1943) making applicable to the Shereefian Empire the ordinance of February 27, 1943 prohibiting the conclusion of pacts on the settlement of compensation due to accident victims °;

– the Dahir of 28 joumada Il 1374 (22 February 1955) establishing a “° guarantee fund for the benefit of certain victims of accidents caused by motor vehicles °” °;

– of dahir n ° 1-69-100 of 8 chaabane 1389 (20 October 1969) relating to the compulsory insurance of vehicles on the road; – of the dahir carrying law n ° 1-76-292

of 25 chaoual 1397 (October 9, 1977) relating to the presentation of insurance, reinsurance and / or capitalization operations and to the exercise of the profession of insurance intermediary °;

– of article 14 and of I, II, III, V and VI of article 15 of the dahir on law n ° 1-84-7 of 6 rabii II 1404 (January 10, 1984) enacting financial measures pending the promulgation of the finance law for the year 1984 °; – dahir n ° 1-95-4 of 24 chaabane 1415 (January 26, 1995) promulgating law n ° 43-94 relating to the accounting obligations of insurance, reinsurance and capitalization companies; – Article 72 of Law No. 24-96 relating to the post and telecommunications,

as amended or supplemented.

However, the texts adopted for the application of the aforementioned dahirs, laws and decrees remain in force insofar as they do not contradict this law until the publication of the regulatory texts adopted for its application.

Article 334: Companies in the process of liquidation on the date of publication of this law remain governed, until their entire liquidation, by the provisions of the aforementioned decree of 13 Chaabane 1360 (6 September 1941) and the texts adopted for its application.

Article 335: Insurance and reinsurance companies approved before the date of publication of this law, the legal form of which is not provided for by this law or does not allow them to operate certain operations, in application of articles 168 to 170 above, have a period of twenty-four (24) months from the date of publication of this law to comply with said articles. After this period, the administration proceeds, as the case may be, either to the withdrawal of the approval of the company concerned or to the withdrawal of the approval of the category (s) of operations carried out in violation of this law. .

Under penalty of withdrawal of approval, insurance and reinsurance companies approved before the date of publication of this law have a period of twelve (12) months from said date to prove the share capital or the fund. of minimum establishments provided for in Articles 171 and 176 above.

Article 336: Insurance and reinsurance companies approved before the date of publication of this law, and which opt for the legal form referred to in article 173 above, are not required to justify the minimum number of members. provided for in article 174 above.

Article 337: Insurance intermediaries, approved on the date of publication of this law, have a period of twenty four (24) months from the said date to comply with it. Failing this and after this period, the administration withdraws their approval.

Article 338: Barid AI-Maghrib created by the aforementioned law n ° 24-96 and the banks authorized in application of the dahir relating to the law n ° 1-93-147 of 15 moharrem 1414 (July 6, 1993) above have a deadline of ‘one (1) year, from the date of publication of this law, to comply with the provisions of this law which are applicable to them.

 

role of the State on insurance, reinsurance and capitalization companies °;

– of the Dahir of 19 joumada I 1362 (May 24, 1943) making applicable to the Shereefian Empire the ordinance of February 27, 1943 prohibiting the conclusion of pacts on the settlement of compensation due to accident victims °;

– the Dahir of 28 joumada Il 1374 (22 February 1955) establishing a “° guarantee fund for the benefit of certain victims of accidents caused by motor vehicles °” °;

– of dahir n ° 1-69-100 of 8 chaabane 1389 (20 October 1969) relating to the compulsory insurance of vehicles on the road; – of the dahir carrying law n ° 1-76-292

of 25 chaoual 1397 (October 9, 1977) relating to the presentation of insurance, reinsurance and / or capitalization operations and to the exercise of the profession of insurance intermediary °;

– of article 14 and of I, II, III, V and VI of article 15 of the dahir on law n ° 1-84-7 of 6 rabii II 1404 (January 10, 1984) enacting financial measures pending the promulgation of the finance law for the year 1984 °; – dahir n ° 1-95-4 of 24 chaabane 1415 (January 26, 1995) promulgating law n ° 43-94 relating to the accounting obligations of insurance, reinsurance and capitalization companies; – Article 72 of Law No. 24-96 relating to the post and telecommunications,





as amended or supplemented.

However, the texts adopted for the application of the aforementioned dahirs, laws and decrees remain in force insofar as they do not contradict this law until the publication of the regulatory texts adopted for its application.

Article 334: Companies in the process of liquidation on the date of publication of this law remain governed, until their entire liquidation, by the provisions of the aforementioned decree of 13 Chaabane 1360 (6 September 1941) and the texts adopted for its application.

Article 335: Insurance and reinsurance companies approved before the date of publication of this law, the legal form of which is not provided for by this law or does not allow them to operate certain operations, in application of articles 168 to 170 above, have a period of twenty-four (24) months from the date of publication of this law to comply with said articles. After this period, the administration proceeds, as the case may be, either to the withdrawal of the approval of the company concerned or to the withdrawal of the approval of the category (s) of operations carried out in violation of this law. .

Under penalty of withdrawal of approval, insurance and reinsurance companies approved before the date of publication of this law have a period of twelve (12) months from said date to prove the share capital or the fund. of minimum establishments provided for in Articles 171 and 176 above.

Article 336: Insurance and reinsurance companies approved before the date of publication of this law, and which opt for the legal form referred to in article 173 above, are not required to justify the minimum number of members. provided for in article 174 above.

Article 337: Insurance intermediaries, approved on the date of publication of this law, have a period of twenty four (24) months from the said date to comply with it. Failing this and after this period, the administration withdraws their approval.

Article 338: Barid AI-Maghrib created by the aforementioned law n ° 24-96 and the banks authorized in application of the dahir relating to the law n ° 1-93-147 of 15 moharrem 1414 (July 6, 1993) above have a deadline of ‘one (1) year, from the date of publication of this law, to comply with the provisions of this law which are applicable to them.

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