MEU Seguro insurance company has its license revoked in Angola

27 February 2020

The operating license of insurance company MEU Seguro has been revoked, said on Wednesday the Angolan National Agency for Insurance Regulation and Supervision (Arseg) in a statement issued in Luanda.

The license was revoked because the company made false statements about the financial resources related to share capital, which will immediately lead to the company going into liquidation, in line with the provisions of sub-paragraph b) of paragraph 1 of article 39 of Law 1/00, General Law of Insurance Activity.

With the withdrawal of MEU Seguro’s license the number of licenses revoked over the last five days increases to three after Mandume Seguros and Glinn Seguros also had their licenses cancelled. The latter two companies never started operating in the insurance sector despite the law setting a period of six months, after obtaining the license, to start operating.

Previously, Arseg had already communicated the “voluntary winding up decided by the shareholders,”of AAA Seguros, the second oldest insurer in the Angolan market after ENSA Seguros.

The number of insurance companies authorised to operate in Angola has dropped to 24 according to figures published by Arseg. (macauhub)