A working group will review the current framework of the insurance and pension funds sector in Angola in order to bring the law in line with the current state of development of the country’s economy and financial system, according to a government decision reported by the Angolan press.

The new group, which has 270 days to present a detailed report, is coordinated by the chairman of the board of directors and technicians of the Angolan Agency for Insurance Regulation and Supervision (ARSEG), and also includes Finance Ministry officials.

Among other duties, this working group is charged with proposing the regulation of existing diplomas, the creation of new ones, as well as analysing and proposing other reviews, and its creation is justified by the continuous modernisation and strengthening of the solidity, stability and competitiveness of the sector.

The General Insurance Law, which has been in force in Angola since 2000, states that the business of insurance and insurance mediation throughout the country can only be authorised by the Ministry of Finance. (macauhub)