Finance Ministry sets new regulations for foreign investments in Algeria's insurance market

In line with a new executive decree published Saturday in the official gazette, the Algerian Financial Ministry set new guidelines and regulations for foreign investments in Algeria's insurance market.

The new executive decree outlines the conditions allowing foreign investors to open subsidiaries in Algeria in keeping with revised terms of reference related to the national insurance sector.

Any new foreign investors should, according to the new regulations, seek through a formal request, the prior go-ahead from the finance ministry before setting a foothold on the Algerian market.

The Finance Minister Karim Djoudi said earlier this week that the insurance market in Algeria should be streamlined on all accounts in order to make it tally with international norms.

Karim Djoudi also announced that several leading French insurance firms were poised to invest heavily in the Algerian market adding that such profit’ yielding investments were expected to be given a concrete form before the end of 2008.