Foreign investment in insurance companies is subject to discriminatory screening procedures [where foreign shareholding exceeds 50%, it requires approval of the Council of Ministers as opposed to the Minister of Finance in the case of domestic investors] and foreign shareholding is limited to 70% (the remaining 30% must be subscribed by national natural or legal persons [majority-owned by Angolan citizens]).
"ARTICLE 3. (Specific and prior authorization)
1. The activity referred to in article 1 may only be carried out by companies that have been authorized to be incorporated under the terms provided for in this law.
2. It is incumbent upon the Minister of Finance to authorize the incorporation of the companies referred to in paragraph 1 of this article, this authorization being granted for the entire national territory.
3. Insurance companies whose shareholders are non-resident natural or legal persons are excluded when the subscribed capital, in whole or in part, exceeds 50% of the share capital, whose authorization is the responsibility of the Council of Ministers, under prior opinion of the Minister of Finance.
[...]
ARTICLE 22. (Insurers with foreign capital)
1. The following applies to the constitution of an insurance company using foreign investment:
a) that at least 60% of the foreign capital to be invested comes from insurance and financial institutions;
b) that at least 30% of the subscribed, paid-up and/or authorized share capital comes from national, private, public, mixed, corporate or individual entities, as well as from public funds with own revenues not budgeted by the State;
c) certificate from the competent authority in your country proving your suitability and experience in the insurance business;
d) bylaws of the company;
e) other applicable elements, provided for in article 14 of this law.
2. It is incumbent upon the Minister of Finance to regulate the terms and conditions for transferring dividends or distributed profits abroad.
3. Without prejudice to the provisions of this law, the Foreign Investment Law shall apply with regard to the protection and fulfillment of general obligations.
[...]
ARTICLE 41. (Applicable regime)
1. With the exception of the constitution regime provided for in article 14 to article 17, the provisions of this law are applicable, mutatis mutandis, to insurance and reinsurance mediation.
2. It is incumbent upon the Minister of Finance to regulate the activity of insurance and reinsurance mediation by executive decree, without prejudice to the following paragraph.
3. The exercise of insurance and/or reinsurance mediation and brokerage can only be extended to foreign citizens provided that, under the same conditions, Angolan citizens can carry out the aforementioned activities in that country, in accordance with the rights of reciprocity.
ARTICLE 42. (Legal forms and categories of mediators)
Legal or natural persons who carry out the activity of mediation in the following ways can be insurance intermediaries: a) fundraisers; b) agents; c) insurance and/or reinsurance brokers.[...]" (Law nº 1/00 ​​of 3 February – Law on Insurance Activities [google translation])
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"ARTICLE 8. (Foreign mediators)
1. The exercise of the activity of mediation may be extended to foreign citizens, residing in the country for at least five years, provided that Angolan citizens can exercise the activity of mediation in that country under the same conditions, in accordance with article 41 no. 3, of Law no. 1/00, General Law on Insurance Activity, without prejudice to the following number.
2. A resident foreign citizen will only be granted authorization provided that he meets the requirements of Articles 5 or 6, as the case may be, and the Insurance Supervision Institute may request, when appropriate, all information relevant to the authorization to be granted, namely the certificate from the competent authority in your country, proving your suitability and experience in the activity.
3. In the case of legal persons, registration with the Insurance Supervision Institute must also meet the requirements of subparagraph b) of article 22 of Law No. 1/00, General Law on Insurance Activities.[...]" (EXECUTIVE DECREE N.º 7/03 OF JANUARY 24 - regulation on insurance mediation and brokerage [google translation])
Law nº 1/00 ​​of 3 February – Law on Insurance Activities
EXECUTIVE DECREE N.º 7/03 OF JANUARY 24 - regulation on insurance mediation and brokerage
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