Two more insurance companies to stop operating in Angola

20 February 2020

The Angolan National Insurance Regulation Agency (Arseg) has notified insurance companies Mandume Seguros and Glinn Seguros of the expiry of their insurance business licenses, according to a statement issued on Tuesday in Luanda.

Arseg also said the license granted to Mandume Seguros (Life and non-life) was dated 18 May 2012 and the one granted to Glinn Seguros (Life and non-life) was dated 12 August 2016.

On 14 February Arseg announced the insurance business license of AAA Seguros, the second insurance company to start operating in Angola, had also expired.

The expiry date of the authorisation for the insurance business was the result of a deliberate and voluntary winding-up by the shareholders of AAA Seguros, SA and authorised through Decree No 199/20, of the minister of Finance, published in the Angolan National Bulletin (Diário da República), in Second Series, No. 5 of 14 January.

Arseg lists 28 entities authorised to operate in the insurance sector. This list still includes the three companies that are no longer operating.

Arseg is responsible for the regulation, supervision, monitoring and follow-up of insurance, reinsurance, pension fund businesses and insurance and reinsurance mediation in Angola. (macauhub)