Lunes, 05 Septiembre 2022

New law of insurance and reinsurance activity in Angola

VolverThe new legal regime of Insurance and Reinsurance Activity in Angola was published last July 7th. In short, this legislation allows foreign insurers to stablish in Angola and invest in the Angolan insurance market, therefore it is essential to know the key contents.

In collaboration with our Angolan partners, CGA Advogados ( we present the main points that the new legal regime has brought in that country:

Entities that can develop insurance activities

According to the article 22nd of the new Insurance and Reinsurance Activity Law (Law no. 18/22 of July 7th) insurance or reinsurance activity in Angola can only be developed by (i) public limited liability companies with head office in Angola, with national or foreign capital; (ii) branches of companies headquartered outside Angola (in the same condition that it is authorized in the country where it is headquartered); and (iii) Angolan public companies/ entities.

Therefore, non-resident foreign entities are now allowed to establish themselves in Angola for the development of the insurance activity.

Life and non-life insurance

Before the publication of the new law, insurers companies were expressly allowed to develop life and non-life insurances at the same time. However, without prejudice to companies already incorporated, the new rule is to develop each operation of business separately. Article 26th (1) states that "authorization to develop insurance business is only granted for the joint operation, both for direct insurance and reinsurance (except for the exclusive operation of life insurance or of a single class of insurance) in those cases in which insurance technical area advises to and there is the respective consent".


The new law reserves a special part for microinsurance (Part VI) as the result of the importance to attend the needs of low-income Angolan citizens.

Microinsurance can be developed by insurance companies that already develops this activity as a business segment and by companies exclusively incorporated for this propose.


With the necessary adjustments, the rules for insurance companies are also applicable to reinsurance ones, which are also obligated to the principle of exclusivity, meaning they can only develop reinsurance activities.

Without prejudice to other legislation in force on this matter, the new law expressly determines that the liabilities of insurance companies can be reinsured in Angola or in a foreign country. It also allows fronting operations, including for auto and health insurance, with certain limits stablished by law.

Financial Guarantees

The new law revokes the Regulation on Financial Guarantees for Insurance Companies (approved by Executive Decree no. 6/03, of January 24th), reinforces some previously foreseen rules and provides new rules on this matter.

Insolvency and liquidation

The revoked law did not provide a part or a chapter that regulated and provided rules and mechanisms for the recovery and/or liquidation of insurance companies.

The new law dedicates to this subject in Part V, defining specific rules with the purpose to protect the interests of the insured persons and beneficiaries as well as the normal operation of the insurance market.


It is very clear the increase of the powers and responsibilities of the regulatory body (ARSEG - Angolan Agency for Insurance Regulation and Supervision). ARSEG has now the autonomy to practice certain acts that until the approval of the new law were exclusive to the Minister of Finance.


Another new we believe should be highlighted is the system of governance and reporting that was previously provided in the Financial Institutions Law and other legal acts, but now finds a special place in Part III, Chapter I of the new law.


The new law revokes Law no. 1/00 of February 3rd (Insurance Activity Law); Decree no. 7/02 of April 9th; Executive Decree no. 6/03 of January 24th; without prejudice to the provisions of Article 244; Executive Decree no. 74/07 of June 29th; and Executive Decree no. 464/16 of December 1st.


CGA advogados

 Ricardo Meireles Vieira Ricardo Meireles Vieira 

Departamento de Derecho del Seguro | Portugal


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