The Angola Insurance Authority (ARSEG) has instructed travel agencies and tour operators that undertake or intend to undertake ancillary insurance mediation to apply for registration within 30 days of publication of its notice. After that deadline, insurers and reinsurers will be prohibited from maintaining contractual relationships with unregistered travel agencies and tour operators selling insurance products. The notice enforces the existing registration requirement under the Law on Insurance Mediation and Brokerage, following the expiry of statutory transitional periods. Unauthorized insurance mediation constitutes a very serious administrative offense, with fines ranging from AOA 600,000 to AOA 100 million for legal entities and from AOA 400,000 to AOA 50 million for individuals. The offense covers activity in Angola and activity abroad involving risks located in Angola or insurers or reinsurers registered there.
Angola Insurance Authority gives travel agencies and tour operators 30 days to seek registration for ancillary insurance mediation
The Angola Insurance Authority (ARSEG) has set a deadline of 30 days from publication of its notice for travel agencies and tour operators conducting or planning ancillary insurance mediation to apply for registration. After the deadline, insurers and reinsurers cannot maintain contracts with unregistered firms selling insurance. Unauthorized mediation carries fines of up to AOA 100 million for legal entities and AOA 50 million for individuals.