LThe guidelines of this instruction aim to streamline the process of setting up online sales systems by providing players with a clear vision of the required compliance requirements, ACAPS said in a press release.
Said instruction thus sets out the terms and conditions to be observed by insurance and reinsurance companies as well as insurance intermediaries and other entities authorized to present insurance transactions to the public, for the establishment of a electronic device for online sales allowing the conclusion of insurance contracts, adds the same source.
“Eagerly awaited, this instruction makes it possible to establish the appropriate framework by clarifying the regulatory requirements relating to this device which has been the subject of consultations with professionals and which will now allow the insured to subscribe according to two options”, underlines the ‘Authority.
According to the first option, the contractualization is carried out online, with an electronic signature of the two parties, and the electronic contract must be accessible to the insured at any time and sent, at his request, within seven days.
As for the second option, the offer is made online and the physical contract is sent to the customer for handwritten signature, explains ACAPS.
The system put in place by the operators must contain the elements relating to the offer, including in particular the identification of the main characteristics of the coverage offered, the period of validity of the offer, and, where applicable, the existence of the right of withdrawal. and the cost of using the electronic device borne by the subscriber, notes ACAPS.
The instruction relating to electronic devices for the online sale of insurance products explains the Autorité’s expectations in this area and resumes the main rules relating to contracts concluded at a distance provided for by Law No. 31-08 enacting measures consumer protection, the dahir forming the code of obligations and contracts and law n° 53-05 relating to the electronic exchange of legal data as well as certain provisions of law n° 17-99 on the insurance code applicable to the online sales, the statement concludes.
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