News Africa02 Nov 2020

Angola:Govt reviews insurance regulatory framework

02 Nov 2020

The Angolan government last month approved the Annual National Development Plan for 2021 which sets out priority actions (projects and activities) in the National Planning System, to be carried out by different agencies.

The Plan includes 70 medium and long-term action programmes for 2018-2022, reported EIN Press Wire.

In connection with this and as part of the review of the regulatory framework for the insurance sector, the Cabinet Council’s Economic Commission analysed proposals outlined in:

  • the “General Law on Insurance and Reinsurance Activity”

The review of this includes conditions of access and exercise of insurance and reinsurance activities, as well as reorganisation and liquidation of insurance and reinsurance companies in financial difficulty.

  • the “Procedural Regime Applicable to Special Crimes in the Insurance and Pension Fund Sector”

The aim of this is to fill the gaps that currently exist in powers dealing with the treatment of transgressions, the imposition of fines, other penalties, as well as investigations of cases.


 

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