Morocco to implement Risk-Based Solvency Framework in 2026

Morocco will introduce a risk-based solvency (RBS) regime through a dedicated circular expected by the end of 2025. Starting 1 January 2026, all Moroccan insurers and reinsurers will be required to comply with the new prudential framework, modeled on the European “Solvency II” system.

The initiative was launched in 2018 by the Supervisory Authority of Insurance and Social Welfare (ACAPS), in partnership with the local government and industry stakeholders. ACAPS has conducted stress tests with insurance companies to help stabilize and fine-tune the model.

The RBS framework is built on three pillars:

• Pillar 1, Quantitative: Focuses on the valuation of assets and liabilities, and capital requirements based on actual exposure to market, credit, operational, and underwriting risks, along with the methods for their calculation.
• Pillar 2, Qualitative: Relates to governance and risk management practices.
• Pillar 3, Transparency: Requires insurers to disclose clear and comprehensive information on their solvency and risk profiles to both ACAPS and the general public.