Africa-Press – Angola. National insurers must implement internal policies to prevent and report illicit interactions with policyholders, informed the Minister of Finance, Vera Daves, on Wednesday (9th).
The Minister of Finance was speaking before the Committees on Economy and Finance and on Constitutional and Legal Affairs of the National Assembly, which approved, in particular, the Draft Law on Insurance and Reinsurance Activities.
The document, of legislative initiative of the Executive, goes to the final global vote in the next plenary meeting of the National Assembly, scheduled for the end of this month.
Vera Daves considers the existence of an anti-fraud policy in insurance companies to be fundamental, because there are workers in the sector who sometimes, in collusion with policyholders, commit illegal acts with the people with whom they interact.
According to the official, the Angolan Agency for the Regulation and Supervision of Insurance (ARSEG) will play a key role within the insurance companies, imposing fines and sanctions that are necessary and referring the most serious cases to the justice bodies.
The Finance Minister understands that insurance companies must necessarily have an internal policy to detect or report fraud within them and in their interaction with policyholders, as they are also victims of wrongdoing.
He explained that this mechanism is not new because it has already been implemented in different diplomas, namely in the Basic Law of Financial Institutions and in other regulations of the National Bank of Angola (BNA), with regard to prevention and money laundering policies.
“We understand that insurance companies must be the first lines of defense in this area and, ultimately, whoever supervises them, moreover, is already like that when we talk about money laundering”.
Article 130 of the proposed Law in question establishes that insurance companies must define a policy for the
prevention, detection and reporting of situations of insurance fraud.
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