The emerging governance system for the Moroccan insurance sector[Le système de gouvernance en devenir pour le secteur marocain des assurances]

Following the example of the European regulatory reform Solvency II, the Moroccan insurance sector has been engaged for a few years in a large-scale project called "Risk-Based Solvency". From now on, it takes a new turn since it becomes topical; for good reason: it represents a real challenge in particular in comparison with the current prudential framework, until then in force. The project, which was drawn up in 2017 and is due to be implemented in 2025, is preparing the sector for a major change in its regulation. For the time being, the implementation work is still in progress and the new circular is practically stabilized. Three sets of regulatory requirements will be introduced: quantitative, qualitative and financial reporting. In this paper, we will focus on the second set of requirements, which concerns the organization of insurance and reinsurance undertakings (EAR) and aims at the implementation of four key functions: risk management, audit, compliance and actuarial; in this case the internal risk and solvency assessment (ORSA). The implementation of these regulatory requirements should enable companies to ensure that they are well managed, sufficiently capitalized and able to justify their solvency at any time. This article is a systematic literature review. The objective is to provide a theoretical contribution to this subject in the form of a presentation of the new qualitative aspects of the directive, firstly by providing an overview of Pillar 2 and then by analyzing the interdependence of the key functions relating to risk management and compliance.