Angola’s Insurance Supervision Institute becomes Angolan Agency for Insurance Regulation and Supervision

7 June 2013

Angola’s Insurance Supervision Institute (Instituto de Supervisão de Seguros de Angola) will now be called the Angolan Agency for Insurance Regulation and Supervision (Agência Angolana de Regulação e Supervisão de Seguros), the coordinator of the working group for Diagnosis of Regulation and Supervision of Insurance Markets said Thursday in Luanda.

On the sidelines of a Council of Ministers meeting, Aguinaldo Jaime said that the aim was to boost the State’s power to intervene in the sector and to move from indirect supervision to direct supervision and regulation.

Cited by Angolan news agency Angop, he also said that the change would make preventative action possible as well as protecting against systematic risks to the insurance and pension funds market.

“In loco” supervision, he said, would analyse accounts and other documents that provide evidence of the finances of each organisation and that inspections would, amongst other things, analyse the way in which the organisations are managed, as well their boards and the people that are part of them. (macauhub)