The approval to act as an insurance intermediary can be granted to natural persons of Moroccan nationality, or to legal persons governed by Moroccan law, with their headquarters in Morocco and with at least 50% of their capital held by natural persons of Moroccan nationality or legal persons governed by Moroccan law.
"Article 304: (amended and supplemented by Law No. 39-05 of February 14, 2006 and amended by Article 132 of Law No. 64-12 of March 06, 2014) (amended by Law No. 87-18 of August 9, 2019).
The approval of an insurance intermediary is granted by the Authority.
This approval is subject to the following conditions:
1) For natural persons:
- be of Moroccan nationality;
[...]
2) For legal persons:
- be governed by Moroccan law and have their headquarters in Morocco;
- have fifty percent (50%) at least of the capital held by natural persons of Moroccan nationality or legal persons governed by Moroccan law, subject to free trade agreements, concluded by Morocco with other countries, duly ratified and published in the "Official Bulletin".
The terms of application of this article are set by circular from the Authority.[...]" (Insurance Code (Law No. 17-99, promulgated by Royal Decree No. 1.02.238 of 3 October 2002), as amended by Law No. 87-18 of 9 August 2019, Article 304 [google translation of consolidated French version incorporating amendements up to Law No. 87-18 of 9 August 2019])
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Previously
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"Article 304: The approval of an insurance intermediary cannot be granted by the administration without the opinion of the Advisory Committee on Insurance.
This approval is subject to the following conditions:
1) For natural persons:
- Being of Moroccan nationality,
- Holding a license issued by a national university or a diploma recognized as equivalent by the administration;
- Completing a training program;
Passing the professional examination.
2) For legal entities:
- Being governed by Moroccan law and having their headquarters in Morocco;
- Having at least fifty percent (50%) of the capital held by natural persons of Moroccan nationality or legal entities governed by Moroccan law.
The modalities for granting approval are established by regulatory means.[...]" (Insurance Code (Law No. 17-99, promulgated by Royal Decree No. 1.02.238 of 3 October 2002 [google translation])
Insurance Code (Law No. 17-99, promulgated by Royal Decree No. 1.02.238 of 3 October 2002), as amended by Law No. 87-18 of 9 August 2019, Article 304
Insurance Code (Law No. 17-99, promulgated by Royal Decree No. 1.02.238 of 3 October 2002 [google translation], Article 304
[<a href="https://adala.justice.gov.ma/production/html/ar/38907.htm">Code</a>],[<a href="https://www.acaps.ma/sites/default/files/publication_documents/loi_ndeg_17-99_portant_code_des_assurances_dahir_ndeg_1-02-238_du_25_rejeb_1423_3_octobre_2002_telle_quelle_a_ete_modifiee_et_completee.pdf">Code_FR</a>],[<a href="https://www.droit-afrique.com/upload/doc/maroc/Maroc-Code-1999-des-assurances.pdf">Code_FR</a>]