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File photo / Ana Comoana
The Mozambican government has decided to increase the minimum capital of insurance companies from 33 million meticais (EUR 477,000) to 97 million meticais (EUR 1.4 million), to bolster the financial strength of operators in the sector.
Mozambique’s Council of Ministers spokeswoman Ana Comoana said that insurance companies already operating in the country will have three years to increase their share capital, while entities interested in entering the market will only be able do so with the minimum share capital approved by the Council of Ministers yesterday.
“The decree aims to update the minimum share capital in the insurance sector, so as to ensure the proper financial capacity of market operators, safeguard the interests of the insured, and guarantee compensation in a timely manner in the event of a claim,” Comoana explained.Source: Lusa