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Law no. 6/24 of June 3 - Law on Insurance Mediation and Brokerage

Writer's picture: P&P AdvogadosP&P Advogados

Updated: Jul 3, 2024


Given the need to redefine the legal framework applicable to insurance mediation and brokerage, with a view to adapting it to the current state of the insurance market, Law no. 6/24 of June 3 - Law on Insurance Mediation and Brokerage - was approved, revoking Executive Decree no. 7/03 - Regulation on Insurance Mediation and Brokerage and Executive Decree no. 465/16 of December 1, which changed the amount of fines for insurance mediation and brokerage activities.


The respective law defines and compiles in a single statute the rules applicable to access, exercise, supervision, suspension and termination of the activity of insurance and reinsurance mediation and brokerage in Angola, which can only be exercised by natural or legal persons previously authorized by the regulatory body - the Angolan Insurance Regulation and Supervision Agency (ARSEG).


The regime applied in this law includes the mediation of life insurance contracts, including pension funds, non-life insurance, micro-insurance products and membership of micro-pension products.


Of the various new features of this law, we would highlight the following:


  1. In the requirements for legal persons to carry on the activity, the presentation of financial and technical viability (and no longer just economic viability) is now required, as well as the provision of information on the source of funds;

  2. The category of Insurance Collector ceases to exist, being replaced by the figure of Accessory Insurance Mediators, with each category of insurance mediation being regulated in its own sections which determine the requirements for access to the activity and the rules relating to its operation;

  3. Banking financial institutions, which were prohibited from carrying out mediation activities or holding shares in eligible legal persons, may now, after prior notification to the National Bank of Angola (BNA) and registration with ARSEG, carry out insurance mediation activities for legal persons, in any branch of insurance activity, in the category of Insurance Agent. They can also carry out the activity for natural persons, provided that certain requirements are met (such as, for example, (i) the products to be distributed are complementary to a good or service provided by the institution and (ii) their actions do not harm the normal functioning of the market and healthy competition);

  4. It also stipulates that ARSEG must define, in its own regulations, the conditions for authorization to take tests for the purpose of registering natural persons as insurance intermediaries.


The new law came into force on June 3, however, it is worth noting the caution required of banking institutions that cannot mediate for natural persons because they do not meet the above requirements, but must transfer the portfolio to authorized Insurance Agents or Insurance Brokers and inform ARSEG within 15 days of the transfer taking place.

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