{"id":52817,"date":"2023-12-25T20:33:24","date_gmt":"2023-12-25T20:33:24","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros"},"modified":"2023-12-25T21:23:01","modified_gmt":"2023-12-25T21:23:01","slug":"institute-for-insurance-supervision-orders-closure-of-austral-seguros","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros","title":{"rendered":"Institute for Insurance Supervision orders closure of Austral Seguros"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>The Mozambican Institute for Insurance Supervision (ISSM) has ordered the closure of Austral Seguros because of \u201cits incapacity to operate in the insurance sector.\u201d<\/p>\n

According to a note published by the Maputo daily \u201cNoti\u0301cias\u201d, the company lacks the financial guarantees required of entities authorized to carry on insurance business.<\/p>\n

The note also points to the failure to update the company\u2019s share capital as the main reasons that led the ISSM to revoke Austral Seguros\u2019 licence.<\/p>\n

\u201cThe conduct demonstrated by the Insurance Company of Southern Africa (Austral) greatly harms the interests of the insured and injured third parties, who must be protected in the first place, as well as disrupting the normal operating conditions of the insurance market, which is intended to be efficient, solid and credible, showing deficiencies for the continued exercise of insurance activity in the Republic of Mozambique\u201d, the ISSM said.<\/p>\n

Austral Seguros\u2019 licence is being revoked two weeks after the company was foreclosed on by court order, due to its inability to pay its creditors.<\/p>\n

For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. The Mozambican Institute for Insurance Supervision (ISSM) has ordered the closure of Austral Seguros because of \u201cits incapacity to operate in the insurance sector.\u201d According to a note published by the Maputo daily \u201cNoti\u0301cias\u201d, the company lacks the financial guarantees required of entities authorized to carry on insurance business. The note also […]<\/p>\n","protected":false},"author":84,"featured_media":52816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-52817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nInstitute for Insurance Supervision orders closure of Austral Seguros - Mozambique<\/title>\n<meta name=\"description\" content=\"The Mozambican Institute for Insurance Supervision (ISSM) has ordered the closure of Austral Seguros because of \u201cits inc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Institute for Insurance Supervision orders closure of Austral Seguros\" \/>\n<meta property=\"og:description\" content=\"The Mozambican Institute for Insurance Supervision (ISSM) has ordered the closure of Austral Seguros because of \u201cits inc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-25T20:33:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-25T21:23:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703526478.027849.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"666\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Institute for Insurance Supervision orders closure of Austral Seguros\",\"datePublished\":\"2023-12-25T20:33:24+00:00\",\"dateModified\":\"2023-12-25T21:23:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\"},\"wordCount\":191,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2023\/12\/sm_1703526478.027849.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/institute-for-insurance-supervision-orders-closure-of-austral-seguros\",\"name\":\"Institute for Insurance Supervision orders closure of Austral Seguros - 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