Angola Insurance Industry – Governance, Risk and Compliance
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Angola Insurance Industry Regulation Overview
The insurance industry in Angola is supervised by the Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) along with the African Insurance Organization (AIO) and Associacao de Seguradoras de Angola (ASAN). The Angola insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance.
The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Agência Angolana de Regulação e Supervisão de Seguros (ARSEG)
· African Insurance Organization (AIO) · Associacao de Seguradoras de Angola (ASAN) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Angola Insurance Industry – Key Regulators and Legislation
Agência Angolana de Regulação e Supervisão de Seguros (ARSEG): The Angolan Agency of Regulation and Supervision of Insurance (ARSEG) regulates and supervises the industry under the Ministry of Finance. ARSEG derives its power from the Insurance Law, which regulates the conduct of operations and mediation of insurance activities. ARSEG is headquartered in Luanda and can establish regional offices in other locations of the country or other forms of representation when authorized by the Minister of Finance.
African Insurance Organization (AIO): The insurance industry is regionally regulated by the African Insurance Organization (AIO), established in 1972. AIO is a non-governmental organization recognized by many African governments. The objectives of AIO are to develop a healthy insurance and reinsurance industry in Africa and promote inter-African cooperation in the insurance industry.
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Angola Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Angola insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Angola Insurance Industry Analysis by Compulsory Insurances
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Angola Insurance Industry - Company Registration and Operation
A license is required to operate in the Angola insurance industry. Insurers, reinsurers, and intermediaries are required to be registered and obtain a license from the Agência Angolana de Regulação e Supervisão de Seguros (ARSEG).
The Minister of Finance is responsible for the authorization of companies after they have been examined by ARSEG. Foreign companies are allowed to establish and operate in the Angolan industry when at least 60% of foreign capital should be from insurance companies and financial institutions. In case of insurance companies with more than 50% foreign shareholding, an application detailing the same must be submitted to the Council of Ministers with the prior approval of the Minister of Finance.
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Angola Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Angola. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: Taxation is administered and supervised by the Ministry of Finance. The law is divided into general, corporate, withholding, and personal income tax codes. Angola follows two tax regimes including a simplified regime and a general regime. Resident companies are taxed on their worldwide income, while non-resident companies are taxed on their Angola-sourced income. In general, a corporate income tax of 25% is imposed on companies in Angola. However, strategic investment projects by foreign companies may be eligible for tax incentives.
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Scope
This report provides:
- Details of the insurance regulatory framework in Angola
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Angolan insurance industry is regulated and supervised by the Angolan Agency of Regulation and Supervision of Insurance (ARSEG) under the Ministry of Finance.
- Workmen’s compensation, motor third-party liability, and aircraft liability insurance are the key classes of compulsory insurance in Angola.
- Composite insurers are permitted in the Angolan insurance industry.
- Non-admitted insurance is not permitted in the Angolan insurance industry.
- Insurance taxes issued in Angola are free from premium taxes.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Angola.
- Track the latest regulatory changes and expected changes impacting the Angolan insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Angola insurance industry?
The Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) is the key regulator of the Angola insurance industry.
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Which are the other regulatory bodies overseeing operations in the Angola insurance industry?
The African Insurance Organization (AIO) and Associacao de Seguradoras de Angola (ASAN) oversee the Angola insurance industry.
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Which are the compulsory insurances required within the Angola insurance industry?
Some of the compulsory insurances required within the Angola insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the types of taxes imposed upon the Angola insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Angola. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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