Luanda - The Angolan Insurance Regulation and Supervision Agency (ARSEG) on Tuesday submitted for public consultation the draft Regulatory Standard on the Conditions of Access to the Insurance and Reinsurance Mediation and Brokerage Activity, which establishes the minimum criteria for the exercise of this function.

According to Joni Pereira, a technician at ARSEG's legal department, who chaired the meeting, the aim of the draft is to guarantee the technical quality of mediators when carrying out mediation activities.

Among the new features of the current regime are the obligation for insurance and reinsurance intermediaries to have civil and professional liability insurance to cover the risks inherent in the activity itself, and the need for intermediaries to have a bank guarantee or surety to protect the insured, policyholders and beneficiaries," he stressed.

The project stems from the need to fill the existing gap in the requirements for access to the activity of insurance and reinsurance mediation and brokerage, as a result of the repeal of Decree-Law no. 07/03, of 24 January, the Regulation on Insurance Mediation and Brokerage.

In line with the Angolan government's strategic objectives for the sustainability of public finances, this regulation aims to ensure greater professionalization of the insurance mediation and brokerage business and to protect policyholders, insured persons and beneficiaries.

The public consultation process will last 30 days and is available on the ARSEG website: www.arseg.ao.

Contributions should preferably be sent to contribuicoes.legislacao@arseg.ao or to ARSEG's head office.

The launch of the public consultation was attended by insurance agents and intermediaries.ACC/ASS/DAN/AMP