The insurance and reinsurance activity law

After being in force for more than two decades, the Insurance Business Act (Law no. 1/00 of 3 February) fulfilled its purpose of being the main instrument for the access of private entities to insurance business in Angola. However, following the development of the country’s economy and the sweeping technological and structural changes that the insurance industry has undergone, the revision of the law become imperative.

As a result, Law no. 18/22, the Insurance and Reinsurance Activity Law (Lei da Actividade Seguradora e Resseguradora – “LASR”)1 was published on 7 July 2022. Besides cementing the previous rules, the new law has harmonised concepts and unified a set of special legislation which, until then had been considered somewhat scattered and sparse2. The LASR thus represents an important milestone in consolidating and bringing dynamism to the insurance sector in Angola.

Structured in 8 Chapters and 249 articles, the main objectives of the LASR are to reinforce the protection of policyholders, insured and beneficiaries. To do so, it defines rules to ensure prudent management of insurance and reinsurance companies, and to prevent and repress actions contrary to the law.