Insurance Entities in Algeria

At this stage, various regulatory structures and entities have been established, including:

• The Directorate of Insurance:
  In accordance with Article 209 of Ordinance 95-07, this entity is responsible for the state’s supervision and oversight of the insurance sector. It is part of the General Directorate of the Treasury and was established during the reorganization of the Ministry of Finance in February 1995. Its role includes on-site supervision or monitoring through documentation.
• The Algerian Union of Insurance and Reinsurance Companies (UAAR):
  This is an association of Algerian insurers, established on February 22, 1994, and officially approved on April 24, 1994. It operates under the provisions of Law 90/31 on associations, as it is classified as a professional association. The UAAR represents its members on the Accreditation Committee, the Legal Committee, and the National Insurance Council.
• The Ministry of Finance:
  This body intervenes in:
• Issuing preliminary authorizations to open branches of foreign insurance companies or representative offices in Algeria;
• Approving professional associations of policyholders, general agents, and brokers;
• Granting licenses to insurance and reinsurance companies;
• Preparing the documentation list required by the Supervisory Committee for insurance companies.
• The Central Risk Authority:
  This entity is affiliated with the Ministry of Finance and linked to the Directorate of Insurance. It requires insurance companies and branches of foreign insurers to provide all necessary information for it to perform its functions. Executive Decree No. 07/138 outlines its tasks, including:
• Collecting and consolidating information on insurance contracts underwritten by insurance or reinsurance companies and foreign insurance branches;
• Mandating insurers to report all issued insurance contracts.
• The Guarantee Fund for Policyholders:
  Established under Article 213 of Law 04-06, this fund, managed by the Ministry of Finance, is designed to cover part or all of the technical debts owed to policyholders and contract beneficiaries, particularly in cases where an insurance company faces financial difficulties. The fund is financed through annual contributions paid by insurance and reinsurance companies and foreign insurance branches, provided these contributions do not exceed 1% of net premiums earned after cancellations.
• The National Insurance Council (CNA):
  Established under Ordinance 95-07 on insurance, Article 274 created this advisory body, chaired by the Minister of Finance. The council advises on issues related to the status, organization, and development of insurance and reinsurance activities. It may also draft preliminary legislative or regulatory texts within its jurisdiction, either at the request of the Minister of Finance or on its own initiative.
• The Insurance Supervisory Committee:
  Created under Law 06-04, this committee functions as a regulatory authority for the insurance sector, replacing the previous oversight handled by the Minister of Finance. Article 209 states: "A Supervisory Committee for Insurance is established, operating as a regulatory authority under the insurance structure within the Ministry of Finance." This committee oversees the state’s regulation of insurance and reinsurance activities.