Mozambique Insurance Industry – Governance, Risk and Compliance
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The Mozambique insurance industry report is the result of extensive research into the insurance regulatory framework in Mozambique. It provides 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. It gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.
What are the market dynamics in the Mozambique insurance industry?
The Instituto de Supervisão de Seguros de Moçambique (ISSM), responsible for the supervision of insurers, reinsurers and insurance intermediaries operating in Mozambique, issues directives for detected irregularities. On April 1, 2016, the ISSM published a notice stipulating the general conditions for insurance policies for accidents at work and occupational diseases. The government of Mozambique allows 100% foreign ownership in domestic insurance companies. Article 21 of Decree 1/2010 stipulates that foreign insurance companies are authorized to establish their branches in Mozambique if they comply with the rules and standards set by the ISSM. Branches are authorized to operate in areas and types of insurance that the insurance company has an authorization in its home country. Additionally, the company should have been in operation in its country of origin for more than five years and should be incorporated as a commercial company. Foreign insurers intending to obtain authorization for opening a branch in Mozambique are required to make an application to the ISSM.
What are the different types of licenses issued in the Mozambique insurance industry?
The different types of insurance licenses issued in the Mozambique insurance industry are life insurance license and non-life insurance license.
Life insurance license in the Mozambique insurance industry
Insurers with a life insurance license can underwrite and sell insurance contracts related to risks such as life, marriage, birth, capital redemption, pension fund, and investment funds.
Non-life insurance license in the Mozambique insurance industry
Non-life insurers underwrite and sell contracts related accident, disease, motor hull, aircraft hull, transit, fire and natural perils, other damages, civil liability for motor vehicles, aircraft liabilities, credit, bond, legal protection, and miscellaneous among others.
Which other bodies oversee the Mozambique insurance industry?
International Association of Insurance Supervisors (IAIS)
The IAIS is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. In addition to its members, the association also includes 135 observers representing industry associations, professional associations, insurers and reinsurers, consultants and international financial institutions. The IAIS formulates and issues various global insurance principles, standards and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability. It holds an annual conference where supervisors, industry representatives and other professionals discuss developments in the insurance industry and topics affecting insurance regulation. The primary objectives of the IAIS are to promote effective and globally consistent supervision of the insurance industry in order to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders, and to contribute to global financial stability.
Association of Lusophone Insurance Supervisors (ASEL)
ASEL was created in 1994 and brings together insurance supervisory authorities and similar bodies from Portuguese-speaking countries and Macau, with the ISSM being a member of this body since its creation. ASEL aims to encourage the exchange of information and experiences among its members and with similar organizations and promote the training of technical staff.
Market report scope
Key license types | Life Insurance License and Non-Life Insurance License |
Key associations | International Association of Insurance Supervisors (IAIS) and Association of Lusophone Insurance Supervisors (ASEL) |
This report provides detailed analysis of:
- The insurance regulatory framework in Mozambique.
- The rules and regulations governing insurance products and insurance entities.
- Key trends and developments pertaining to the country’s insurance regulatory framework.
- The rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The taxation imposed on insurance products and insurance companies.
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 Mozambique.
- Track the latest regulatory changes and expected changes impacting the Mozambican insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.
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Frequently asked questions
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What are the key license types in the Mozambique insurance industry?
The different types of insurance licenses issued in the insurance industry in Mozambique are life insurance license and non-life insurance license.
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Who are the key associations overseeing the Mozambique insurance industry?
The key bodies overseeing the insurance industry in Mozambique are The Instituto de Supervisão de Seguros de Moçambique (ISSM), International Association of Insurance Supervisors (IAIS) and Association of Lusophone Insurance Supervisors (ASEL).
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