Angola Insurance Authority revokes Providência Royal Seguros licence and appoints a liquidation committee

Angola Insurance Authority (ARSEG) published a notice revoking Providência Royal Seguros, S.A.’s authorisation to carry on insurance business under Angola’s Insurance and Reinsurance Activity Law and ordering the firm into a liquidation process. The decision was taken by ARSEG’s Board and formalised by Order No. 85/ARSEG/25 dated 30 May. ARSEG attributed the withdrawal to a set of regulatory breaches, including failure to submit legally required and supervisory-requested documentation on time, violations of mandatory legal provisions applicable to supervised entities, deficiencies in defining and implementing an internal policy for dealing with policyholders, insured persons, beneficiaries and injured third parties, failure to submit a required recovery or financing plan, deficient compliance with financial conditions requirements, non-compliance with applicable accounting rules, failure to maintain an internal audit function, and breaches relating to insurers’ share capital rules. ARSEG framed these as serious irregularities in management, accounting organisation and internal oversight, and as conduct that can endanger policyholder interests or the normal functioning of the insurance market, as well as a failure to meet conditions for access to and exercise of insurance activity. ARSEG also appointed a liquidation committee, which is tasked, among other legal responsibilities, with coordinating the processing of claims and indemnity payments for policyholders, insured persons and third-party beneficiaries.