Mozambique's Ministry of Finance presented to parliament a draft legislative authorisation law that would empower the government to revise the country’s insurance legal regime, currently governed by Decree-Law No. 1/2010. The proposed overhaul is intended to update rules viewed as no longer aligned with current conditions, including requirements for access to and conduct of insurance business and intermediation, the financial guarantees applicable to insurers and reinsurers, and the insurance contract. The proposal also seeks to separate and make autonomous the provisions on creating the supervisory entity from those dealing with market entry and the exercise of insurance activity. In supporting the case for reform, the ministry cited 2024 market data of 21 insurers and three micro-insurers, production of MZN 24.16 billion (around 11.5% higher than 2023), and insurance penetration of 1.66%. If parliament grants the authorisation, the government would be able to proceed with the legislative revision, which the ministry linked to governance principles and good practices referenced by the International Association of Insurance Supervisors and the SADC Committee of Supervisory Authorities of Non-Bank Financial Institutions.

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