Twenty-two years after the entry into force of Law n.º 1/00, of February 3, the new Law n.º 18/22, of July 7, 2022 is published -_cc781905-5cde-3194-bb3b- 136bad5cf58d_ of the Insurance and Reinsurance Activity, which defines the new paradigm in the insurance and reinsurance sector.

 

As for  objective incidence, the aforementioned Law regulates, as the name implies, the constitution, exercise of activity and cessation of activity of insurers and reinsurers, without prejudice to the intermediation regime provided for therein.

 

Regarding  subjective incidence, it appears that the Law is applicable to insurance and reinsurance companies based in Angola that carry out or intend to carry out their activity in the national territory (i); to branches of insurance and reinsurance companies in a foreign country that carry out or intend to carry out their activity in Angolan territory (ii); to branches of insurance and reinsurance companies based in Angola that carry out their activity outside Angolan territory (iii); to holding companies in the Insurance Sector (iii); and micro-insurance companies (iv).

 

The previous regime limited the powers of the Angolan Agency for Regulation and Supervision of Insurance (abbreviated ARSEG) and assigned several powers to the Minister of Finance. For your

 

time, the new legal regime expands ARSEG's powers, including not only the powers to   to authorize the formation of new Insurers and Reinsurers,   and to suspend and revoke licenses, but also the power to revoke the licenses granted, as well as the power to draw up and approve uniform policies  in relation to mandatory insurance and in relation to those that by nature require it.

 

With regard to fiscal regime, insurance and reinsurance companies are subject to the payment of taxes and fees in force, as well as the payment of a registration fee and an annual supervision fee.

 

Another major change to be highlighted is the obligation that insurance and reinsurance companies have to institute a compliance function  to independently monitor compliance with its legal obligations and internal policies and guidelines.

 

The diploma in question establishes a transitory regime, which establishes a period that varies from 90 days to 4 years, for the Insurers to adapt to the new legal requirements.

Law No. 18/22, of July 7, 2022 on the Insurance and Reinsurance Activity came into force on July 7, the date of its publication.