Insurance company

 Insurance company
I. Legislative and regulatory references:
Provisions related to the conditions of approval:

    Ordinance n ° 95/07 of 25/01/1995 relating to insurance amended and supplemented by Law 06-04 of 20 February 2006, title II, chapter II, articles 215 to 223.
    Executive Decree No. 95-344 of 10/30/1995, amended and supplemented by Executive Decree No. 09-375 of 11/16/2009 relating to the minimum share capital of insurance companies. OJ n ° 67 of 19/11/2009.
    Executive decree n ° 96-267 of 03/08/1996, amended and supplemented by executive decree n ° 07-152 of 22 May 2007, fixing the conditions and modalities for granting the authorization of insurance companies and / or reinsurance. OJ n ° 35 of 23/05/2007.

Other Provisions:

    BOOK III Title I Articles 203 to 208 and Title II Articles 224 to 250 of Ordinance No. 95/07 of 25/01/1995 relating to insurance amended and supplemented. OJ n ° 13 of 03/08/1995.
    Executive Decree No. 95/342 relating to regulated commitments. J.O. n ° 65 of October 31, 1995.
    Executive Decree No. 95/343 of October 30, 1995 relating to the solvency margin of insurance companies. J.O. n ° 65 of October 31, 1995.
    Executive Decree No. 96/47 of January 17, 1996 relating to the pricing of insurance risks. J.O. n ° 5 of January 21, 1996.
    Executive Decree No. 98/312 of September 30, 1998 amending Decree No. 95/409 of December 9, 1995 relating to compulsory cession in reinsurance. J.O. n ° 74 of October 5, 1998.
    Executive Decree No. 02/293 of September 10, 2002 amending and supplementing Executive Decree No. 95/338 relating to the establishment and codification of insurance operations. J.O. n ° 61 of September 11, 2002.
    Executive Decree No. 07-138 of May 19, 2007 fixing the missions, organization and operation of the risk center, in particular its article 4 relating to the declaration that insurance companies must submit to the risk center on contracts that they emit. OJ n ° 33 of 20/05/2007.
    Executive Decree No. 07-153 of May 22, 2007 Setting the terms and conditions for the distribution of insurance products by banks, financial institutions and the like and other distribution networks. OJ n ° 35 of 23/05/2007.
    Order of July 22, 1996 establishing the list and forms of documents to be sent by insurance and / or reinsurance companies to the supervisory authority.
    Order of 23 July 1996 setting the list and forms of books and registers to be kept by insurance and / or reinsurance companies and insurance intermediaries.
    Order of 02 October 1996 setting the minimum proportions to be allocated to each type of investments made by insurance and / or reinsurance companies.
    Order of August 6, 2007 Determining the form and frequency of declarations to be sent by insurance companies to the central risk register. OJ n ° 59 of 23/09/2007.
    Order of August 6, 2007: Application of the provisions of article 2 of executive decree n ° 07-153 of May 22, 2007 fixing the insurance products that can be distributed by banks, financial institutions and similar as well as the maximum levels of the distribution commission.

II. Constitution of the insurance and / or reinsurance company and approval conditions:

To apply for authorization to carry out insurance operations, you must:

    Establish a company incorporated under Algerian law, either in the form of a joint-stock company (SPA) or that of a mutual company (article 215 of ordinance 95/07 amended and supplemented).
    That the mutual company has a non-commercial purpose (provision of article 215 bis of ordinance 95/07 amended and supplemented).
    That the company opts for the subscription of operations relating to either personal insurance or damage insurance (articles 203, 204 and 204 bis of ordinance 95/07 amended and supplemented).
    That the object of the company be reserved exclusively for the practice of insurance operations to the exclusion of any other commercial activity (article 9 of decree 96-267).
    That the principal leaders of the company are of good character and justify an established professional qualification.
    That the minimum share capital of insurance and / or reinsurance companies is, without taking into account contributions in kind (Art. 2. of Executive Decree No. 09/375) be set at:
        One (1) billion dinars, for joint stock companies carrying out life and capital insurance operations;
        Two (2) billion dinars, for joint stock companies carrying out damage insurance operations;
        Five (5) billion dinars, for joint stock companies exclusively carrying out reinsurance operations.