Africa-Press – Mozambique. Mozambican Finance Minister Carla Louveira has warned that the heads of the governing bodies of insurance companies should not hold multiple positions, in order to avoid conflicts of interest.
Currently, the Mozambican insurance market consists of 21 insurance companies, three micro-insurers and a vast network of brokers. In 2024, it recorded a production of 24.16 billion meticais (over 378 million US dollars, at the current exchange rate), representing an annual growth of around 11.5 per cent.
According to the minister, who was speaking on Thursday at the country’s parliament, the Assembly of the Republic, during the presentation of a bill that will authorise the government to Revise the Legal Framework for Insurance, the government intends to prohibit the accumulation of positions by the members of corporate bodies.
She explained that the proposed changes are also aimed at strengthening accountability in governance, so as to ensure that the management of insurance companies is transparent and prudent. “The objective is to ensure compliance with good management and establish rules of conduct for insurance intermediaries, with a view to ensuring the protection of those who purchase insurance services and products”, said Louveira.
The revision proposed, she said, comes at a time when the country’s current dynamics are in line with the principles and good governance practices issued by international organizations of which Mozambique is a member, namely the International Association of Insurance Supervisors (IAIS) and the SADC Committee of Non-Banking Financial Institutions Supervisory Authorities (CISNA).
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