Mozambique's Ministry of Finance announced that President Daniel Francisco Chapo has promulgated a law establishing the Insurance and Pension Funds Supervision Authority of Mozambique. The legislation creates a new supervisor with legal personality and administrative, financial, asset and technical autonomy. The authority is empowered to license insurance market operators, oversee insurance intermediation, authorise or refuse qualified shareholdings, and conduct prudential supervision of pension fund management entities and pension funds. Its intervention toolkit includes opening sanctioning proceedings and adopting corrective measures, such as suspending or removing office-holders, appointing provisional administrators, setting up inspection commissions and revoking authorisations to operate.

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