Over 5 Million Algerians Are Victims Of Insurance Companies

Finance Minister, Hadji Baba Ammi, asked the Chairman of the Committee To Oversee Insurance Companies, Faisal Tadenint, to provide a report of the evaluation for insurance companies that are active in the market, on May, 31, after receiving complaints about speculation by the Algerian and foreign Insurance companies, public and private, and there involvement in the accumulation of 5 million files of compensation for Algerians without settlement.

Finance Minister’s Instruction that was prepared by the Commission for Supervision of Insurance, on January, 17, which copy is obtained by Echorouk, said: According to the Executive Decree on the legal obligations of the insurance companies, the Insurance Commission’s control, identified in the program for the year 2017, technical measures to evaluate the performance of these companies, and it comes to the extent of its commitment to the application of Article 144 bis of the instruction No. 9507, that amended and complemented the activity of insurance companies.

According to the same source, the insurance companies that are active in the market should be subject to evaluation by an external expert, and it comes to the extent of the true data that is provided by these companies, and their respect of the laws and regulating the insurance companies, as the instruction identified the date of May, 31 as the deadline for delivering the report of the expertise by the insurance companies.

On the other hand, traders from the insurance sector asserted that leaving the freedom for insurance companies to choose the expert, according to a private freedom, to submit their assessments would reflect negatively on the performance, because this expert could not commit to neutrality compared with the expertise office that is created by the Supervisory Committee of the Finance Ministry, wondering about the secret behind neglecting this point, which would make the instruction that was issued by the Finance Ministry, just like throwing dust in the eyes.

A source of the insurance sector confirmed that May, 31, coincides with the summer holidays and the month of Ramadan, and the end of the legislative elections, and the inauguration of a new government, which would postpone the final decision in this stuck file to the next September or more, which will cause the accumulation of larger files of Algerians who are victims of Insurance Companies.