Angolan mutual associations with annual premiums of 19,000 euros or more are subject to financial supervision, according to an executive decree cited by Lusa.
Joint Executive Decree No. 3/26, dated April 24, signed by Finance Minister Vera Esperança dos Santos Daves de Sousa and Minister of Public Administration, Labor, and Social Security Teresa Rodrigues Dias, establishes two thresholds that determine whether mutual associations are subject to the insurance supervisory body: an annual gross premium volume of 19,000 euros or more, or a gross value of associated funds of 950,000 euros or more.
In 2023, Angola had 18 mutual associations registered with the Ministry of Public Administration, Labor, and Social Security.
The law follows up on Presidential Decree No. 32/22, of February 1, which approved the new Legal Framework for Mutual Associations, and implements the financial supervision provided for in this framework, applying the legal regime for insurance and reinsurance activities with the necessary adaptations.
Associations subject to the new regulatory framework have until the end of the fiscal year following the publication of the decree to bring their financial management into compliance with the new requirements.
