Algerian insurers soon allowed to operate as stock market brokers

The Algerian government has tasked the Commission for the Organization and Supervision of Stock Exchange Operations (COSOB) with drafting a new law governing the financial market. The COSOB has submitted a number of proposals, including granting local insurance companies the status of brokers in stock market operations (IOB).

According to Youcef Bouzenada, President of the Commission, insurance companies are building the necessary capacities and skills to operate as IOBs. Thanks to their network and expertise, Algerian insurers will play an important role in strengthening and developing the stock market.

The statement was made by Youcef Bouzenada at a seminar organized by the COSOB and the Algerian Union of Insurance and Reinsurance Companies (UAR), and jointly moderated with Bilel Sahnoun, CEO of the Tunis Stock Exchange (BVMT).