Mozambique’s Government approved a draft law to establish a new Insurance and Pension Funds Supervisory Authority, which would dissolve the Insurance Supervision Institute of Mozambique, and a draft legislative authorisation law enabling the Government to approve a revised legal regime for insurance. The proposed new supervisor is intended to support Measure 17 of the Economic Acceleration Package and strengthen anti-money laundering, counter-terrorist financing and counter-proliferation financing controls across insurance operators and pension fund managers, with a stated aim of improving transparency and meeting the 40 Financial Action Task Force recommendations to support removal from the grey list. The supervisory and regulatory framework is also intended to align with principles issued by the International Association of Insurance Supervisors and the International Organisation of Pension Supervisors. The planned revision of the insurance legal regime would introduce a customer ombudsman to help resolve disputes, redefine risk distribution rules for reinsurance, expand the set of offences and strengthen sanctions, set general market conduct rules, and introduce general principles for the liquidation of insurers and reinsurers.

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