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Agadir – Morocco’s Insurance and Social Security Control Authority (ACAPS) and Madagascar’s Banking and Financial Supervision Commission (CSBF) have signed a memorandum of understanding, aiming at structuring and enhancing cooperation in the supervision of insurance activities.
Abderrahim Chaffai, President of ACAPS, and Aivo H. Andrianarivelo, President of CSBF signed the agreement on January 27 in Nosy-Be, Madagascar.
Both parties see the agreement as reflecting a shared commitment to strengthening institutional relations and fostering a coordinated supervision based on regular dialogue and a better understanding of each authority’s practices.
Through this partnership, the two institutions intend to develop cooperation mechanisms to address common challenges of the insurance sector, including ensuring the financial soundness of operators, improving risk management, safeguarding policyholders, and adapting supervisory frameworks to the evolving needs of markets and industry practices.
The memorandum is part of a broader South-South cooperation initiative, highlighting the shared commitment of ACAPS and CSBF to reinforcing institutional capacities and consolidating effective insurance supervision.
It will contribute to the stability, integrity, and proper functioning of insurance markets, ultimately protecting the interests of policyholders and beneficiaries of insurance contracts, the two parties have suggested.
Madagascar’s Banking and Financial Supervision Commission (CSBF) is responsible for regulating, controlling, and supervising banking, financial, and related institutions in the country. Its mandate includes ensuring the soundness of the national financial system, maintaining institutional stability, and enforcing prudential and governance standards.
Meanwhile, Morocco’s Insurance and Social Security Control Authority (ACAPS) is responsible for supervising the insurance and reinsurance sector, as well as ensuring the financial stability of insurance operators and adapting Morocco’s insurance regulatory framework to international standards.
The ACAPS-CSBF partnership marks a major move in fostering cross-border regulatory collaboration and represents a step forward in promoting robust insurance governance across the African continent.
