It establishes the requirements and procedures for registering the members of the Board and Audit Committee, as well as any responsible for relevant management functions, on insurance, reinsurance, and microinsurance companies, pension fund management companies based in Angola, as well as branches and other forms of representation of foreign companies operating in Angola.
 
This Rule entered into force immediately upon its publication.
 
Among other provisions, the Rule sets forth as requirements for the registration of the members of these companies’ corporate bodies, amongst others, the (i) legal capacity, (ii) suitability, qualification and adequate professional experience, (iii) commitment to act with integrity and diligence (iv) commitment and availability to perform the function, which must now be demonstrated more objectively.
 
The registration request must be submitted to ARSEG by completing the application and questionnaire, approved as Annexes 1 and 2 to the Rule, along with various supporting documents, within 15 days after the appointment or designation.
 
This Rule aims to strengthen the supervision of non-banking financial institutions related to the insurance sector in Angola, ensuring that individuals in key positions have the necessary qualifications, experience, independence, and integrity for the effective performance of their functions and sanctions are established for non-compliance.

For more information on this Alert please contact: 
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