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Update: Tuesday, 6 January 2009    

CAAR capital to be opened for privatization

CNA has not been concerted
Sunday Jul 01 2007.

Public authorities launched the first privatization process in insurance area namely the National Company of Insurance and Re-insurance CAAR, whereas the National Insurance Council C.N.A underlined that it has not been concerted before taking the decision.

By Abdelaziz Belkhadem announcement of CAAR capital openness for privatization, the government inaugurates a new era in the management of insurance sector in Algeria. During his presentation of the government programme before the parliament Lower House, Belkhadem pointed out that CAAR privatization falls within the government new strategy for finance system reform.

The Prime Minister has not revealed the way in which CAAR capital is to be opened or the date of the openness, which is the first one in that field. However, the announced process construes the government will to liberalize insurance sector especially after the entry of many foreign companies to the Algerian market thanks to the recently adopted legal framework in this field, allowing foreign companies to open subsidiaries in the country.

On another side, the National Insurance Council C.N.A refused to comment the Prime Minister’s decision, adding that his executives have not been concerted before taking CAAR privatization decision.

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