Law 3-2003 Insurance Law - English2

Insurance Law
Law 03/2003
of 21 January
The legislation pertaining to the business of insurance, in addition to being contained in various dispersed
instruments, which hampers knowledge and use of it, has long since been shown to be out of date and thus
not propitious to an environment suited to the dynamics of development and modernisation of this industry,
with the necessary trust that should characterise relations between the different actors, in the context of a
market economy.
It is therefore a matter of urgency to adopt a law that establishes the conditions for the taking up and
pursuit of the business of insurance, including insurance mediation.
Thus, pursuant to article 135 (1) of the Constitution, the Assembly of the Republic determines:
CHAPTER I
GENERAL PROVISIONS
Article 1
(Object and scope)
1 This law establishes the conditions for the taking up and pursuit of the business of insurance in the
country, as well as of insurance mediation, and it also establishes the conditions for the setting up
abroad of any form of representation of insurance or reinsurance undertakings with their head office in
the Republic of Mozambique.
2 This law shall be applicable to:
a) Insurance and reinsurance undertakings and mutual insurance associations with their head
office in the Republic of Mozambique;
b) Representative offices abroad of insurance and reinsurance undertakings with their head
c) Overseas branches in the Republic of Mozambique of insurance and reinsurance

undertakings with their head office abroad;
d) Insurance intermediaries.
© Banco de Moçambique & Mozlegal Lda

Tradução para inglês pela Mozlegal Lda
Rua General Pereira D’Eça nr 90, C.P. 1839
Tel +258 21 496900 – Fax +258 21 496802 Maputo – Moçambique
E-mail: adrian.frey@mozlegal.com Webpage: www.mozlegal.com
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Article 2
(Definitions)
Definitions of the terms used in this law are contained in a glossary attached hereto.
Article 3
(Licensed entities and prior authorisation)
1 The business of insurance shall be pursued only by the following entities, which shall be authorised for
this purpose, on a case by case basis, by the minister who oversees the area of finances:
a) Insurance and reinsurance undertakings and mutual insurance associations with their head
b) Overseas branches in the Republic of Mozambique of insurance and reinsurance

undertakings with their head office abroad.
2 The establishment of overseas branches or any other form of representation abroad by entities with
their head office in the Republic of Mozambique, licensed to pursue the business of insurance, shall
require prior authorisation by the minister who oversees the area of finances.
3 Save for tied intermediaries, the provision of the preceding sub-paragraph shall likewise be applicable,
with the necessary adaptations, to insurance intermediaries.
4 The rules applicable to insurance mediation shall not extend to insurance marketing activities by banks,
the conditions of which are especially regulated by the government.
Article 4
(Objects)
1 The objects of insurance and reinsurance undertakings and mutual insurance associations shall be
exclusively the business of insurance.
2 The exclusivity of objects shall likewise be applicable to insurance brokerage.
3 The pursuit of the business of direct life insurance and reinsurance concurrently with direct non-life
insurance and reinsurance is prohibited.
4 Insurance undertakings that on the date of publication of this law are authorised to operate the
business of life assurance and the business of non-life insurance on a cumulative basis in the Republic
of Mozambique may continue such cumulative operation, provided that they have a solvency margin for
each of these business activities and keep their respective accounts separately.

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5 Insurance undertakings may freely accept reinsurance contracts in the class (es) in which they are
authorised, and also reinsure their insurance contracts or insurance operations with entities authorised
for such purpose, even if the said entities have not been incorporated or established in the Republic of
Mozambique.
Article 5
(Expiry of authorisation)
1 The authorisation for the pursuit of the business of insurance shall lapse where:
a) The applicants expressly renounce the authorisation, and where the company is not
incorporated within a period of six months or the licensed entity does not commence activity
within one year from the date of the authorisation;
b) The company is wound up;
2 The minister who oversees the area of finances may extend, only once, the time limit on the
commencement of activity for a further six months, at the duly justified request of the licensed entity.
3 The provisions of the preceding paragraphs shall be applicable, with the necessary adaptations, to
insurance mediation.
Article 6
(Compulsory special registration)
1 Without prejudice to any other legally required obligations for registration, entities licensed to pursue
the business of insurance and insurance mediation shall also be subject to special registration with the
supervising authority.
2 The facts subject to registration and the time limits for such registration shall be laid down in the
respective regulatory provisions.
3 Summarised certificates of register entries and alterations thereto may be issued to any person who
demonstrates a legitimate interest to request such a certificate.
Article 7
(Refusal of special registration)
1 In addition to other cases legally provided for, registration shall be denied when:
a) It is clear that the fact to be registered is not supported by or contained in the documents
presented;

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b) It is found that the fact contained in the document has already been registered or is not
subject to registration;
c) The fact is manifestly null and void;
d) Any of the conditions necessary to obtain authorisation for the incorporation of the
undertaking or for the pursuit of the respective activity is found to be lacking.
2 Where the application or the documentation presented is deemed to contain omissions or irregularities
which can be made good by the interested parties, the said parties shall be notified by the supervising
authority that within the period laid down such omissions or irregularities shall be rectified, failing which
the registration or alteration shall be refused.
Article 8
(Prohibition on the pursuit of unauthorised activity)
1 The pursuit of the business of insurance and of insurance mediation by entities not authorised under
the terms of this law is prohibited.
2 Agency, brokerage or any other form of mediation and also any attempt to contract insurance with
insurance undertakings or entities not authorised in the terms of this law is prohibited.
Article 9
(Prohibition on contracting insurance abroad)
1 The contracting of insurance abroad by the insured person or the person taking out insurance is
prohibited.
2 Obligations resulting from insurance contracts or operations shall not be enforceable by the courts
when such contracts are made with insurance undertakings not authorised to pursue their business in
the Republic of Mozambique.
3 The provision of the preceding paragraph shall not be applicable to insurance operations or contracts,
to which the supervising authority is not opposed, either by virtue of the presentation of evidence that
insurance undertakings authorised to pursue their business in the Republic of Mozambique refused to
underwrite the risk or of more favourable conditions offered by insurance undertakings with head office
abroad.
4 For the purposes of the provision of the preceding paragraph, the interested party must notify the
supervising authority, fifteen days in advance, of the intention to take out an insurance contract abroad,
and the said authority may, where there are no grounds for opposition, set the period of validity of the
said contract.

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Article 10
(Fronting operations)
Fronting operations shall be permitted only when accepted and conducted by the respective insurance or
reinsurance undertaking, taking account of the nature and scale of the risk.
Article 11
(Business name)
1 Any of the expressions “seguradora”, “companhia de seguros”, “resseguradora”, “sociedade mútua de

seguros”, “mútua de seguros” or another that shows unequivocally that the object is the pursuit of the
business of insurance must be contained in the business or company name, according to the nature of
the undertaking.
2 The provision of the preceding paragraph shall be applicable, with the necessary adaptations, to
insurance mediation.
3 Only entities licensed to pursue the business of insurance and insurance mediation, in the terms of this
law, are permitted to use and include in their business or company name the expressions referred to in
the preceding paragraphs or others of similar meaning.
Article 12
(Use of official language)
1 Any applications and the respective supporting documents, communications, insurance contracts,
accounting records and other official documents pertaining to the business, issued by entities licensed
to pursue the business of insurance and insurance mediation, shall be presented in the Portuguese
language.
2 When the nature and scale of the risk so justify, the parties may agree to make the insurance contract
in a language agreed to by both parties, in addition to the text written in the Portuguese language,
which shall prevail in the case of doubt in interpretation.

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CHAPTER II
AUTHORITY AND SUPERVISION
Article 13
(Authority)
The business of insurance and insurance mediation shall be under the authority of the minister who
oversees the area of finances, and he/she is empowered, in particular, to issue directives or adopt
measures that are deemed appropriate to the exercise of the authority conferred herein.
Article 14
(Supervision)
1 The government shall designate the authority responsible for the supervision of entities licensed to
pursue the business of insurance and insurance mediation in the terms of this law and other applicable
legislation.
2 In the performance of its functions, the supervising authority shall, in particular:
a) Monitor and verify the compliance of the licensed entities provided for in article 3 of this law
with the rules governing the business of insurance and insurance mediation;
b) Issue directives such that irregularities detected are rectified;
c) Take extraordinary measures for rectification;
d) Impose sanctions for offences;
3 The supervision of financial conglomerates within the framework of this law shall observe the
mechanisms foreseen in the respective regulatory provisions.
Article 15
(Fees)
1 The entities licensed to pursue the business of insurance shall be subject to the payment of a
supervisory fee, to be set by the government and which shall not exceed two point five per cent of the
total of premiums processed in the respective financial year, net of rebates and cancellations.
2 Insurance intermediaries shall be subject to the payment of a supervisory fee in the following annual
amounts:

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a) Brokers – ten million meticais;
b) Agents – three million meticais;
c) Tied intermediaries – one million meticais.
3 The government shall establish the methods of assessment and collection of the fees provided for in
this law, and it shall also update the amounts established herein.
CHAPTER III
CONDITIONS FOR THE TAKING UP OF THE BUSINESS OF INSURANCE
SECTION I
Insurance and reinsurance undertakings with head office in the Republic of Mozambique
SUBSECTION I
Incorporation
Article 16
(Company form)
Insurance and reinsurance undertakings with head office in the Republic of Mozambique shall be
incorporated as commercial companies under the form of a public limited company [sociedade anónima de
responsabilidade limitada], in the terms provided for in the Commercial Code and other applicable
legislation.
Article 17
(Share capital)
1 The minimum share capital of insurance and reinsurance undertakings shall be:
a) Thirty-three thousand million meticais for the pursuit of non-life business;
b) Sixty-seven thousand million meticais for the pursuit of life business;
c) One hundred thousand million meticais in the case of the concurrent pursuit of non-life and
life business.

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2 At the time of incorporation, 50% of the share capital shall have to be realised in cash and deposited
with a credit institution authorised to operate in the Republic of Mozambique, with an express
declaration of the amount subscribed by each shareholder.
3 The remaining 50% of the share capital shall have to be realised within a maximum period of 180 days
from the date of the deed of incorporation.
4 The shares representing the share capital shall nominative or registered to the bearer, and the former
of these may also take the form of book-entries.
Article 18
(Shares and bonds)
1 Insurance and reinsurance undertakings shall only acquire own shares or trade them in the terms
established in the respective regulatory provisions.
2 The issuing of bonds in order to cover liabilities of a technical nature is prohibited.
Article 19
(Conditions and criteria for the granting of authorisation)
1 Without prejudice to the provision of the following paragraph, authorisation for the incorporation of
insurance and reinsurance undertakings shall be granted in accordance with the criteria of opportunity
and convenience, basically those concerning the needs of the local market or the economic and
financial benefit that would revert to the Republic of Mozambique as a result of such incorporation, and
provided that all founder shareholders undertake to:
a) Adopt the form of company referred to in article 16 of this law;
b) Endow the company with not less than the minimum share capital established in the terms of
this law.
2 The granting of authorisation shall further depend on the verification of the following factors:
a) The integrity of the founder shareholders which may, directly or indirectly, have a significant
influence on the activity and the sound and prudent management of the insurance
undertaking;
b) The integrity, qualification and professional experience of the persons who effectively manage
the insurance undertaking;
c) The appropriateness and sufficiency of technical, financial and human resources to the
objectives to attain, to be contained in the respective business plan;

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d) Compatibility between the development prospects of the insurance undertaking and the
maintenance of healthy competition in the market;
e) The location within the Republic of Mozambique of the central management of the insurance
or reinsurance undertaking;
f) The absence of any type of obstruction to the performance of supervisory functions resulting
from group relationships, whenever such exist between the insurance undertaking and other
individual or corporate persons.
SUBSECTION II
Qualifying holdings
Article 20
(Acquisition, increase or decrease of qualifying holding)
The acquisition, increase or decrease of a qualifying holding in an insurance undertaking requires the
authorisation of the minister who oversees the area of finances.
SECTION II
Insurance or reinsurance undertakings with head office abroad
Article 21
(Form of representation)
The business of insurance and reinsurance undertakings with head office abroad, which are authorised to
establish in the Republic of Mozambique, in the terms of this law, shall be conducted through overseas
branches.
Article 22
(Establishment fund)
1 Overseas branches shall be required to set up, for their operations in the Republic of Mozambique, an
establishment fund of an amount not less than the minimum share capital legally established for
insurance undertakings of the same class of insurance with head office in the Republic of Mozambique.
2 The insurance undertaking shall deposit the amount of the establishment fund with a credit institution
operating in the Republic of Mozambique, before making the special registration of the overseas
branch, in the terms of this law.

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Article 23
(Application of foreign judgements)
A foreign judgement declaring the bankruptcy or liquidation of an insurance undertaking with head office
abroad shall be enforceable in respect of the overseas branch in Mozambican territory only after such
judgement is reviewed by the competent court in the Republic of Mozambique, and after the settlement of
the liabilities assumed therein.
SECTION III
Mutual insurance associations
Article 24
(Incorporation)
1 The incorporation of mutual insurance associations, assuming the form of a public limited company
[sociedade anónima de responsabilidade limitada], with the necessary adaptations, shall be authorised
in the terms provided for in the Commercial Code and other applicable legislation.
2 The deed of incorporation of the associations referred to in this section shall likewise specify:
a) The rules of admission and expulsion of members;
b) The way revenue is to be applied and the percentages thereof intended for management
expenses;
c) The proportions for sharing profits, according to the type of contract and the benefits that may
accrue to subscribers of guarantee capital;
3 The provisions of this law in respect of insurance undertakings, specifically in matters of incorporation
and other conditions for the taking up and pursuit of the business of insurance, shall apply, with the
necessary adaptations, to mutual insurance associations.
Article 25
(Minimum guarantee capital)
1 The minimum guarantee capital for the incorporation of mutual insurance associations shall be:
a) Seventeen thousand million meticais in the case of the pursuit of non-life business;
b) Sixty-seven thousand, five hundred million meticais in the case of the pursuit of life business.

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2 The realisation of the capital referred to in the preceding paragraph shall observe the provisions of
article 17 (2) herein, with the necessary adaptations.
CHAPTER IV
FINANCIAL GUARANTEES
SECTION I
General provisions
Article 26
(Financial guarantees)
As a condition of the pursuit of their business, entities licensed to pursue the business of insurance shall
possess, in the terms of this law, the following financial guarantees and other provisions prudently deemed
necessary to meet the risks of such business and directly linked to its objective: technical provisions and
solvency margin.
SECTION II
Technical provisions
SUBSECTION I
Description
Article 27
(Types of technical provisions)
Without prejudice to the provisions of the following article, the technical provisions to be set up and
maintained by licensed entities shall be those indicated in this article and shall be of amounts that, at any
time, are shown to be sufficient to guarantee fulfilment of the commitments arising from their insurance
contracts:
a) Unearned premium provision, which includes the amount of the gross premiums issued in respect
of every contract of insurance in force under non-life business, to be imputed to one or several
consecutive financial years;
b) Reserve for unexpired risk, which corresponds to the amount necessary to meet probable claims
and costs to be paid after the end of the financial year and which exceed the value of premiums
payable in respect of contracts in force in non-life business;

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c) Mathematical provision in respect of life business and occupational accidents, which corresponds
to the estimated actuarial value of the commitments of the insurance undertaking, including shares in
profits already distributed, and after deduction of the actuarial estimate of future premiums;
d) Claims provision, which corresponds to the estimated total costs payable by the insurance
undertaking in respect of outstanding claims at the end of the year, both reported and not reported, less
amounts already paid in respect of these claims;
e) Provision for profit sharing, which includes amounts for persons insured or the contract
beneficiaries, in the form of shares in profits, provided that such amounts have not already been
distributed, specifically through the mathematical provision;
f) Claims fluctuation Provision, which is intended to deal with an exceptionally high number of claims
in the classes of insurance where, by their nature, greater fluctuations may be foreseen.
Article 28
(Other technical provisions)
The government shall define the method of calculating the technical provisions provided for in the
preceding article and shall establish other technical provisions shown to be necessary.
SUBSECTION II
Representation and guaranteeing of technical provisions
Article 29
(Representation and guaranteeing)
1 The technical provisions shall be represented and guaranteed in full, at any time, by equivalent
moveable or immoveable assets located in the Republic of Mozambique.
2 In duly justified cases and according to predetermined conditions, the minister who oversees the area
of finances may authorise the utilisation of assets located abroad or originating therefrom.
3 The assets representing technical provisions constitute special resources that secure, specifically,
claims arising from insurance contracts or operations, and these shall not be attached or put under
distraint, other than for the payment of such claims.
4 In no case can the assets referred to in the preceding paragraph be offered to third parties as security,
whatever the juridical form of such security.
5 In the case of liquidation, the claims referred to in paragraph 3 shall be first ranking preferential claims
against the moveable and immoveable assets that represent the technical provisions.

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SECTION III
Solvency margin
Article 30
(Description)
The solvency margin of every entity licensed to pursue the business of insurance shall be adequate in
respect of its entire business and shall correspond to the assets of the undertaking, free of all and any
foreseeable liabilities and minus intangible items, in the case of an entity with its head office in the Republic
of Mozambique, and to the assets free of all and any liabilities and minus intangible items, in the case of
the overseas branch in Mozambique of an undertaking with its head office abroad.
SECTION IV
Rules governing intervention
Article 31
(Recovery and rectification measures)
1 When an entity licensed to pursue the business of insurance fails to present sufficient financial
guarantees, in the terms of this law and other applicable legislation and regulations, the supervisory
authority, taking into account the protection of the interests of persons insured and beneficiaries and
the safeguarding of the normal development of the business of insurance, may determine the
intervention in its management for such period as it may establish, by means of the individual or
cumulative application of the following recovery and rectification measures:
a) Rectification of the technical provisions or presentation of a financing or recovery plan;
b) Restrictions on the pursuit of its business, specifically on business in certain classes or types
of insurance or types of operation;
c) Restriction on contracting credit and the investment of funds in certain types of assets;
d) Prohibition or restriction on the distribution of dividends;
e) Subjection of certain operations or acts to prior approval.
2 In the course of the recovery, the supervisory authority may, at any time, call a general meeting of
shareholders and present it with proposals deemed to be relevant.

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Article 32
(Other measures)
1 In addition to the measures referred to in the preceding paragraph, the supervisory authority may also
propose the following extraordinary measures to the minister who oversees the area of finances:
a) Suspension or dismissal of the heads of corporate bodies;
b) Appointment of provisional administrators;
2 The provisional administrators appointed in the terms of paragraph 1 (b) of this article shall have the
powers and duties conferred by law and by the articles of incorporation on the members of the board of
directors, and also the following powers:
a) To veto decisions of the general meeting;
b) To call a general meeting;
c) To prepare a report, as soon as possible, on the financial and economic situation of the
insurance undertaking and submit this to the supervisory authority.
Article 33
(Revocation of authorisation)
1 Where the financial situation of the entity licensed to pursue the business of insurance is found to be
acute, notwithstanding the adoption of the measures referred to in article 31 (1), the minister who
oversees the area of finances may, by means of a reasoned decision, which shall be notified to the
insurance undertaking in question, order the revocation of the authorisation to pursue its business, on
the advice of the supervisory authority.
2 The authorisation to pursue the business of insurance may also be revoked, without prejudice to the
sanctions applicable, when any of the following situations is found:
a) The insurance undertaking expressly relinquishes it, by means of a reasoned request

addressed to the minister who oversees the area of finances;
b) The insurance undertaking ceases or significantly reduces its activity for a period greater than
six months;
c) It has been obtained by means of false statements or other unlawful means, regardless of the
penal sanctions applicable to the case;

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d) Any of the conditions for the taking up and pursuit of the business, required in this law, cease
to exist;
e) Serious irregularities in the management, organisation of accounts or internal supervision of

the insurance undertaking that put the interests of persons insured or beneficiaries at risk or
threaten the normal operating conditions of the insurance market;
f) The total own capital of the insurance undertaking equals a value less than half of the values
established for share capital and minimum guarantee, and simultaneously fail to cover the
solvency margin of the insurance undertaking;
g) The appointment of any member of the management or supervision bodies is not notified or is
refused;
h) Failure to request authorisation from the minister who oversees the area of finances or refusal
to grant such authorisation for alteration of the business plan in the terms prescribed.
3 A significant reduction of activity, for the purposes of sub-paragraph (b) of the preceding paragraph,
shall be whenever there is a reduction in the volume of premiums of fifty per cent, which has not been
planned strategically or imposed by the competent authority, and which puts at risk the interests of
persons insured or beneficiaries.
4 The facts provided for in paragraph 2 (g) of this article shall not constitute grounds for revocation where
the insurance undertaking makes the notification or appoints another director who is accepted, within a
time limit established by the supervisory authority.
5 The revocation of authorisation shall determine the dissolution and judicial liquidation of the company.
CHAPTER V
BOOK-KEEPING
SECTION I
Compulsory books and records
Article 34
(Condition)
1 Entities licensed to pursue the business of insurance shall be obliged to keep, in addition to the books
required of commercial companies, up-to-date registers of policies and claims, as a condition of the
pursuit of their business.

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2 For the purposes of this law, the financial year of the entities referred to in the preceding paragraph
shall coincide with the calendar year.
Article 35
(Preservation periods)
Insurance undertakings shall preserve their records for the following periods of time::
a) 10 years for supporting documents of principal accounting records;
b) 5 years for current account books, insurance proposals and policies and claim files;
c) 1 year for documents not mentioned in the preceding sub-paragraphs.
Article 36
(Counting of preservation periods)
1 The preservation periods of documents shall commence from the date such documents are sent for
filing.
2 In the event litigation proceedings are pending, the periods shall be counted from the date of the final
decision.
Article 37
(Preservation of technological media)
1 Entities licensed to pursue the business of insurance may make copies on microfilm or electronic
medium of documents that, in the terms of this law and in accordance with the time limits established
herein, are required to be kept on file, and for all purposes these microfilms shall substitute the original
documents.
2 The photocopies and enlargements obtained from the microfilm and the reproductions of documents
from electronic medium shall have the probative force of the original documents, in the courts and
elsewhere, provided they contain the signature of the person responsible for the microfilming or the
certification of the person responsible for electronic storage, duly authenticated with the embossed seal
of the insurance undertaking.

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Article 38
(Application)
The provisions of this section shall be applicable, with the necessary adaptations, to any of the entities
provided for in article 1 (2) herein.
SECTION II
Entry of operations in accounts
Article 39
(Reserves)
1 Entities licensed to pursue the business of insurance with head office in the Republic of Mozambique
shall establish a legal reserve, constituted on the basis of the following minimum percentages of profits
verified in each financial year:
a) 20%, until the total of this reserve equals one half of the minimum share capital fixed under
article 17 (1) herein;
b) 10%, from the time this reserve equals the amount referred to in the preceding sub-paragraph
and until this reserve reaches an amount equal to the said minimum capital.
2 In addition to the legal reserve, the entities referred to in the preceding paragraph may freely set up
other reserves.
3 The legal reserve fund may only be incorporated in the share capital or utilised to offset the losses of
the financial year or the accumulated losses that cannot be covered by using other reserves.
4 The government shall establish the terms and limits of the application of the provision of the preceding
paragraph.
Article 40
(Prohibition on distribution of dividends)
1. Insurance and reinsurance undertakings with head office in the Republic of Mozambique shall not
distribute to their shareholders, by way of dividends or in any other form, amounts which will in any way
reduce the respective contribution to the legal reserve as fixed in the preceding article.
2. Insurance and reinsurance undertakings are equally prohibited from distributing any amounts or values
in the form of dividends before the annual accounts are approved, in the terms foreseen in the
regulatory provisions, and losses from the current or previous financial years are deducted.

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CHAPTER VI
TRANSFORMATION, EXTERNAL AUDITING AND LIQUIDATION
Article 41
(Transformation)
1 The demerger, merger or any other form of transformation of entities licensed to pursue the business of
insurance, incorporated in the Republic of Mozambique, shall be subject to the prior authorisation of
the minister who oversees the area of finances.
2 The transformations referred to in the preceding article shall observe the terms foreseen for
commercial companies in general, along with specific terms contained in relevant regulatory provisions.
Article 42
(Auditing of annual accounts)
The verification of the annual financial statements of the entities referred to in the preceding article shall be
done compulsorily by independent and professionally capable auditing firms, duly licensed by the
competent authority.
Article 43
(Liquidation)
The liquidation of the entities referred to in article 41 shall be done in the terms foreseen for commercial
companies in general, along with specific terms contained in relevant regulatory provisions.
CHAPTER VII
INSURANCE MEDIATION
Article 44
(Scope of mediation)
1 Insurance mediation activity shall be carried out in respect of contracts of direct insurance that cover
risks located in the Republic of Mozambique, including operations within the scope of the business of
insurance, specifically capital redemption operations, with the necessary adaptations.
2 Insurance mediation activity shall not affect the right of insurance policy holders to dispense with the
services of an intermediary in their insurance contracts or operations, or to choose freely an
intermediary.

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3 Mediation may likewise include reinsurance, when and in the terms requested by the insurance
undertaking.
Article 45
(Taking-up and pursuit of mediation)
1 Save for the provision in the following paragraph, only resident citizens and commercial companies
with head office in the Republic of Mozambique, that meet the requirements contained herein and in
complementary legislation, shall take up and pursue insurance mediation business.
2 Insurance brokerage shall be pursued by entities incorporated in the form of commercial companies, in
the terms of this law and other applicable legislation, and non-resident entities may participate in this, in
the context of direct foreign investment.
3 The minimum capital required for the incorporation of insurance brokerage companies shall be two
hundred and fifty million meticais, without prejudice to the provisions in respect of direct foreign
investment.
Article 46
(Categories of insurance intermediaries)
1 Insurance intermediaries shall include the following categories:
a) Insurance broker;
b) Insurance agent;
c) Tied insurance intermediary.
2 An insurance broker conducts its activity independently, freely recommending to policyholders, in

accordance with the criteria of customer needs, which insurance contracts to conclude and in which
insurance undertaking such contracts may best be placed.
3 An insurance agent conducts its activity on the basis of an agency agreement with an insurance
undertaking or broker, which it represents and which proposes it for the purpose of licensing and
registration with the supervisory authority, in the terms of this law and of complementary legislation.
4 A tied insurance intermediary conducts his/her activity for and on behalf of an insurance undertaking,
which appoints him/her after he/she successfully completes a training course in insurance, and who
acts under the exclusive guidance and responsibility of such undertaking, in the promotion of contracts
and other products of the said insurance undertaking or of any other undertaking under the same
dominant influence.

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Article 47
(Incompatibilities)
1 Without prejudice to other cases provided for in law, the following shall not be allowed to undertake
insurance mediation activities, directly or through a third party, nor hold the position of director or
manager of a mediation company:
a) Employees of insurance undertakings;
b) Directors or managers of companies that carry out the activity of claims appraisal and any
individual that carries out the same activity;
c) Officials employed by the supervisory authority.
2 Insurance undertakings are prohibited from carrying out insurance mediation activities, directly or
indirectly, or from having holdings in companies licensed to carry out insurance brokering, and vice
versa.
3 The persons referred to in paragraph (1) (a), (b) and (c) of this article, and companies whose corporate
object includes claims appraisal activities, are likewise prohibited from having holdings in the capital of
mediation companies, and vice versa.
Article 48
(Rules of conduct)
Intermediaries shall be compliant with the rules of conduct established especially in the respective
regulatory provisions.
Article 49
(Civil liability of intermediaries)
1 An insurance undertaking or broker shall be liable for the acts of its agents and tied intermediaries in
the conduct of insurance mediation, without prejudice to the right of recourse.
2 As a condition for the pursuit of their activity, insurance brokers and insurance agents, authorised by
the respective insurance undertaking to collect premiums, shall have professional indemnity cover to
guarantee liabilities arising from the conduct of their activity, and which shall observe the minimum
capital set down in the respective regulatory provisions.

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Article 50
(Application of sanctions)
Failure to comply with the provisions set down in this chapter shall be subject to the sanctions applicable to
the business of insurance, with the necessary adaptations.
CHAPTER VIII
OFFENCES
SECTION I
Penal provisions
Article 51
(Crime of unlawful pursuit of insurance business)
1 Whoever practises acts or operations inherent to the pursuit of the business of insurance, on their own
account or on that of a third party, without having the authorisation necessary to do so, shall be
punished with a term of imprisonment of from one to two years and a fine of between three hundred
million meticais and three thousand million meticais.
2 When the economic benefit obtained by the offender is greater than the maximum limit set in paragraph
1 of this article, the fine shall be increased to double such benefit.
Article 52
(Attempted crime and frustrated crime)
Attempted crime and frustrated crime shall be punishable by a term of imprisonment, the maximum limit of
which is half of the maximum limit provided for the completed crime, in the terms of this law.
SECTION II
Contraventions and contravention proceedings
Article 53
(Contraventions)
1 Any violation of the norms of this law, regulatory provisions, directives contained in notices published
by posting or in the press on in circulars from the supervisory authority and all acts or omissions that

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Insurance Law
disturb or frustrate the normal conditions of operation of the insurance market constitute
contraventions, punishable in the terms of the following articles.
2 The following, in general, shall constitute contraventions:
a) Unlawful use of business names referred to in article 11, as well as of any of the categories of
intermediaries provided for in article 46 (1) (a), (b) and (c) herein;
b) Non-compliance with the obligations relating to matters of special registration;
c) Omission of due information and notifications to the supervisory authority;
d) Delay in furnishing information or in the compulsory submission of data to the supervisory

authority;
e) Non-compliance with the applicable accounting norms;
f) Disrespect of the rules governing the transfer of insurance portfolios;
3 The following shall constitute contraventions of a serious nature:
a) Utilisation of services of unauthorised intermediaries by an insurance undertaking, a

reinsurance undertaking or a mutual insurance association;
b) Realisation of the share capital or of the increase or decrease thereof in terms other than
those authorised;
c) Failure to constitute and guarantee the technical provisions or to reinforce the assets
allocated to such guarantees within the period laid down by the competent authority;
d) Concealment of a situation of financial insufficiency of an insurance undertaking;
e) Wilful and damaging acts of management, performed by members of corporate bodies or

general agents, to the prejudice of holders, persons insured and beneficiaries of insurance
policies, associates, participants and other creditors;
f) The performance by persons having qualifying holdings of acts that impede or hamper the
sound and prudent management of the entity in which the holding is held or managed by it;
g) The carrying out of activities not included in the corporate object;
h) The performance of unlicensed insurance mediation activities;
i) The carrying out of insurance brokerage and agent activities without the insurance cover
provided for in article 49 (2) herein;

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Insurance Law
j) Failure by the intermediary to hand over the premiums collected to the respective insurance
undertaking within the established time limits;
k) Failure to comply with the rules of conduct established especially for insurance
intermediaries.
Article 54
(Fines)
1 Without prejudice to the provisions of the following article, the contraventions foreseen in the preceding
article shall be punishable by:
a) A fine of from five million to fifty million meticais, or of from twenty million to two hundred
million meticais, according to whether the fine is applied to an individual or a corporate
person, in respect of the offences provided for in article 53 (2) herein;
b) A fine of from ten million to one hundred million meticais, or of from fifty million to five hundred
million meticais, according whether the fine is applied to an individual or a corporate person,
in respect of the offences provided for in article 53 (3) herein.
2 In the case of a repeat offence, the minimum and maximum limits shall be doubled.
3 When the economic benefit obtained by the offender is greater than the maximum limit established in
paragraph 1 of this article, the fine shall be increased to double such benefit.
4 The government shall update the amounts provided for in this law, as well as establish the time limits
and procedures for their payment.
Article 55
(Additional sanctions)
1 The following additional sanctions may be applied to offenders, in conjunction with the fines laid down
in the preceding article:
a) Seizure and confiscation of the object of the offence and of the economic benefit obtained by
the offender through its perpetration;
b) Publication of the sanctions on two consecutive days in one of the newspapers with the
largest circulation;
c) Suspension of the management body, or any other with identical functions, for a period of
from six months to five years;

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Insurance Law
d) Total or partial temporary suspension of the authorisation to carry on business for a period of
up to one year;
e) Revocation of the authorisation to pursue the business of insurance or insurance mediation.
2 The sanction laid down in sub-paragraph (c) of the preceding paragraph shall be applied to the
offences foreseen in article 53 (3) (a), (b), (c), (d), (e), (g) and (h).
3 The sanction laid down in paragraph 1 (d) of this article shall be applied to the offences foreseen in
article 53 (3) (a), (e), (f), (g), (h), (j) and (k).
4 The sanction laid down in paragraph 1 (e) of this article shall be applied to the offences foreseen in
article 53 (3) (b), (c), (e) and (d), as well as in the case of failure to observe the provision of article 8 (2)
herein.
Article 56
(Grading of sanctions)
1 The fines shall be graded according to the objective and subjective seriousness of the respective
offence.
2 The objective seriousness of an offence shall be determined, in particular, according to the following
circumstances:
a) The risk of actual loss to insurance business, the economy of the country or to policyholders;
b) The incidental or repeated nature of the offence.
3 In appraising the subjective seriousness of the offence, the following circumstances, among others,
shall be taken into account:
a) The position of responsibility of the offender in the insurance undertaking;
b) The economic situation of the offender;
c) The past conduct of the offender;
d) The amount of economic benefit obtained or intended by the offender;
e) Behaviour adopted by the offender which makes it difficult to verity the truth;
f) Behaviour adopted by the offender to make good the damage caused.

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Insurance Law
Article 57
(Liability for committing offences)
1 The liability for committing offences referred to in this chapter may fall, jointly or severally, upon
individuals or companies, even if the latter were constituted irregularly, and associations without legal
personality.
2 The companies and associations mentioned in the preceding paragraph shall be liable for the offences
committed by the members of their corporate bodies in the performance of their duties, so too for the
offences committed by their representatives through acts carried out in the name and for the benefit of
such corporate entities.
3 The liability foreseen in the preceding paragraph shall subsist even where the constitution of a
relationship of representation is null and void.
4 The liability of the corporate entity shall not exclude the individual liability of the persons mentioned in
paragraph 2 of this article.
5 The liability of individuals acting as representatives for others shall not be precluded by the fact that the
particular type of offence requires certain personal elements and such elements are only verified in
relation to the person represented, or that the perpetrator must commit the offence in his own interest
while in fact the representative has acted in the interest of his principal.
Article 58
(Joint liability for payment)
1 The directors, general representatives or persons responsible for the establishment of insurance
undertakings or any other entity shall be jointly and severally liable, as the case may be, for the
payment of fines so imposed on such insurance undertakings or other entities for offences under the
terms of Article 57, even though, on the date of the respective punitive decision, these entities had
been wound up or were in the process of liquidation.
2 The entities in whose name or for whose benefit the offence was committed shall be jointly and
severally liable for the payment of fines imposed on individuals.
3 Those persons who have expressly opposed or disagreed with the commission of acts constituting
offences shall not be held liable as provided for in the preceding paragraphs.

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Insurance Law
Article 59
(Authority for the imposition of penalties)
1 The authority to impose the sanctions laid down in this section rests with the minister who oversees the
area of finances.
2 The authority established in the preceding paragraph may be delegated, wholly or partly, by order
[despacho] published in the official gazette [Boletim da República], to the head of the supervisory
authority, when a contravention is punishable only by a fine.
Article 60
(Proceedings)
1 The supervisory authority shall be competent to investigate and instigate proceedings in respect of
contraventions foreseen in this law.
2 If the work of scrutiny or investigation, once completed, finds no evidence of contravention, the head of
the supervisory authority shall order the case to be shelved.
3 If the investigation shows evidence of contravention, the relevant charge shall be drawn up indicating
therein the name of the offender, the unlawful facts attributable to him, the respective circumstances of
time and place, and the laws which govern and penalise such facts.
4 The accused and the entities that, under the terms of Article 57 of this law, can be held liable for the
fines, shall be notified of the charge, with the indication therein that they may present their defence in
writing and submit the respective evidence if any, within twenty days from the date of the notification,
together with a list of a maximum of five witnesses for each offence attributed to him.
5 The notification shall be done by registered post with notice of receipt, or by 30-day notice published on
two consecutive days in the newspaper with the largest circulation in the locality of the head office or
permanent establishment of the accused, or place of residence, if the accused is an individual,
depending whether or not the accused can be contacted, refuses to acknowledge the notification or his
address is unknown.
6 On completion of all the procedures deemed necessary as a result of the defence put forward, the case
shall be presented to the minister who oversees the area of finances for decision, together with the
opinion of the investigator on the offences that should be considered proved, and the respective
sanctions applicable.
7 Where the investigation relates to individual liability of the persons mentioned in article 57 (2) of this
law, the head of the supervisory authority may determine the preventive suspension from their
respective functions, for a period not greater than thirty days, whenever such measure is deemed

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Insurance Law
necessary to conduct the investigation of the case or to safeguard the interests of the insurance
market.
Article 61
(Appeal)
1 The Administrative Court [Tribunal Administrativo] shall hear judicial appeals against decisions taken,
to be lodged within thirty days of the accused becoming aware of it.
2 The appeal shall have suspensive effect, where the accused makes a demand deposit of the amount of
the fine applied, in advance, in a banking institution, in the name of the investigating authority, save
where values seized are shown to be sufficient to this purpose.
Article 62
(Fulfilment of omitted obligations)
Whenever the offence results from omission of a duty, the application of the sanction and the payment of
the relevant fine shall not exempt the offender from fulfilling such duty, where this is still possible.
Article 63
(Limitation)
1. The time limit on the institution of proceedings provided for in this section shall be three years from the
date on which the offence was committed.
2. The time limit on the application of sanctions provided for in this section shall be three years from the
date on which the sentence became final.
Article 64
(Spatial application)
The provisions of this section shall be equally applicable to acts or omissions committed in the Republic of
Mozambique and to those committed abroad by entities licensed to operate in the terms of this law, as well
as their directors, managers and general representatives.

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Insurance Law
CHAPTER IX
FINAL AND TRANSITORY PROVISIONS
Article 65
(Subsidiary law)
The provisions contained in the Commercial Code, the Civil and Civil Procedure Codes and the Criminal
and Criminal Procedure Codes and the respective complementary legislation shall be applicable
subsidiarily to the business of insurance.
Article 66
(Regulatory power)
1 The government shall be competent to regulate matters contained in this law, within one hundred and
eighty days after its publication.
2 The government shall be competent to update the amounts of capital set in this law.
Article 67
(Repeals)
All legislation that contradicts this law is hereby repealed.
Article 68
(Final provision)
The insurance undertakings referred to in article 4 (4) have a maximum time limit of three years to adapt
themselves to comply with the provision of article 17 (1) (c) herein.
Article 69
(Entry into force)
This law shall enter into force on the date of its publication.
Approved by the Assembly of the Republic on the 6th of November 2002.
The Speaker of the Assembly of the Republic

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Insurance Law
Eduardo Joaquim Mulémbwè
Promulgated on the 21st of January 2003.
Let it be published.
The President of the Republic
Joaquim Alberto Chissano

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Insurance Law
ANNEXE
GLOSSARY
For the purposes of this law:
1 Business of insurance means the regular performance of acts in respect of the acceptance and
fulfilment of insurance or reinsurance contracts and insurance operations, as well as the practice of
acts and contracts connected or complementary to those, specifically those in respect of salvage,
reconstruction and repair of buildings and vehicles, maintenance of clinical services and application of
technical provisions, reserves and capital.
2 Insurance agent means an intermediary, either an individual or a commercial company that, on behalf
of and in representation of the insurance undertaking or broker that appointed him, is authorised, in the
terms of this law and other complementary provisions, to carry out prospecting and conduct all
activities towards the taking out of insurance, providing assistance to insured persons in all matters
relating to the contract of insurance concluded, and may also, by agreement with the insurance
undertaking, collect premiums.
3 Financial conglomerates means groups of commercial companies under the same control, the
activities of which consist exclusively or predominantly in the provision of essentially financial services
in at least two different financial sectors.
4 Insurance contract means a contract by the terms of which the insurance undertaking undertakes,
against payment of a premium and upon occurrence of the event covered by the contract, to indemnify,
within the agreed limits, the loss or damage so produced to the insured person or settle a capital sum,
a rent or other payments stipulated therein.
5 Insurance brokerage means insurance mediation that consists of the establishment of a link between
insurance policyholders, insured persons and insurance undertakings, in which the intermediary has
freedom in the choice and preparation of insurance contracts, provides assistance in respect of such
contracts, as well as carrying out studies and consultancies or issuing technical opinions on insurance
matters.
6 Insurance broker means a commercial company that, in the terms of this law and other
complementary provisions, is duly registered to pursue insurance mediation and operates its activity on
behalf of and in the legitimate interests of insurance policyholders and insured persons.
7 Branch means a supplementary establishment, devoid of legal personality, which belongs to an

insurance undertaking with head office in the Republic of Mozambique or an insurance undertaking
with head office abroad that operates here as an overseas branch, and which is intended to serve the
public, and directly carries out, in whole or in part, operations inherent to the activities of such
undertakings.

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Insurance Law
8 Gross loss ratio means the gross claims, including provision for claims, expressed as a percentage of
gross premiums for the same financial year.
9 Solvency margin means the financial guarantee of an insurance undertaking that is adequate in
respect of its entire business, which corresponds to:
a) In the case of insurance undertakings with head office in the Republic of Mozambique, the
assets of the insurance undertaking free of any foreseeable liabilities, less any intangible
items;
b) In the case of overseas branches in Mozambique of insurance undertakings with head office
abroad, its assets free of any foreseeable liabilities, less intangible items.
10 Insurance mediation or abbreviated to mediation means professional activities that consist in

regularly prospecting the market or carrying out work preparatory to the conclusion of insurance and
insurance operations contracts and providing assistance in respect of such contracts already
concluded.
11 Mutual insurance association or mutual insurance society means an entity comprised of individual
or corporate persons, the purpose of which is to guarantee the coverage of common risks, according to
insurance techniques.
12 Fronting operation means a transaction accepted by a licensed insurance undertaking with the prior
intention of passing it on, totally or partially, to another insurance or reinsurance undertaking, on the
instructions of the customer.
13 Insurance operations mean the management of pension funds and capital redemption operations.
14 Qualifying holding means a direct or indirect holding by any shareholder in an insurance undertaking
which represents not less than 10% of the capital or of the voting rights of that undertaking, or has the
possibility in any other way to exert a significant influence on its management. The following shall be
considered as equated to voting rights of the holding entity:
a) rights held by a spouse who is not judicially separated or by a descendant who is a minor, or
held by companies controlled by the holding entity or controlled by the aforementioned
persons;
b) rights held by other entities, in their own name or in the name of a third party, but on behalf of
the holding entity;
c) rights held by a third party by virtue of an agreement with the holding entity or one of the
companies controlled by the holding entity, such that:

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Insurance Law
i) the third party is obliged to adopt, through the concerted exercise of the respective voting
rights, a common policy on the management of the insurance undertaking; or
ii) a provisional transfer of the voting rights is foreseen;
d) rights attaching to shares of the holding entity provided as guarantee, except where the
creditor holds such rights and declares the intention to exercise them, in which case the said
voting rights are considered to be those of the creditor;
e) rights attaching to shares of which the holding entity holds the legal right of usufruct;
f) rights that, by force of an agreement, the holding entity or one of the aforementioned persons
or entities, has the right to acquire on their own initiative;
g) rights attached to shares deposited with the holding entity and which the holding entity may
exercise as it sees fit in the absence of specific instructions from the respective shareholders.
15 Premium means a monetary contribution paid by the policyholder to the insurance undertaking for the
cover or benefits or compensation guaranteed in a policy.
16 Gross premium means direct premium before the deduction of ceded reinsurance premium, or
reinsurance premium before the retroceded premium.
17 Ceded reinsurance premium means the part of the premium that the insurance undertaking transfers
to a reinsurance undertaking.
18 Retroceded premium means the premium that a reinsurance undertaking transfers to another
reinsurance undertaking.
19 Net premium means direct premium after deduction of the ceded reinsurance premium, or reinsurance
premium after deduction of the retroceded premium.
20 Tied insurance intermediary means an individual who, acting exclusively on behalf of one or more
insurance undertakings subject to a single dominant influence and under their exclusive guidance and
responsibility, promotes insurance contracts and operations.
21 Technical provisions means values which, in legal terms, entities licensed to pursue the business of
insurance must prudently and adequately calculate and maintain at any time to guarantee the fulfilment
of commitments arising from their insurance contracts.
22 Class of insurance means any class, group or groups of classes, established in the table of classes of
insurance, in the terms of the regulatory instrument of this law.

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Insurance Law
23 Relationship of control or domination means a relationship occurring between an individual or

corporate person and a company, when the person concerned is in one of the following situations:
a) holds the majority of the voting rights, where the rights of any other company with which it is
in a group relationship are also considered as its voting rights;
b) is a shareholder in the company and has the right to appoint and dismiss more than half of
the members of the board of directors and of the supervisory body;
c) Can exercise a controlling influence over the company under an agreement or the company’s
articles of incorporation.
d) is a shareholder of the company and controls the majority of the voting rights on its own,
pursuant to an agreement entered into with the other shareholders;
e) Holds not less than 20% of the capital of the company, provided that it effectively exercises a
dominant position or if both are under a single management;
24 Group relationship means a relationship between two or more individual persons or corporate entities
that constitute one single entity in terms of risk, due to the fact that they are so closely connected that,
in the event any of them is faced with financial problems, it is likely that the other or all others will also
have difficulties meeting their obligations. With the exception of public enterprises or other Sate
controlled companies, such a relationship is considered to exist when:
a) there is a relationship of control by one over the other or others;
b) there are common shareholders or partners who exercise influence in the companies in
question;
c) there are directors in common;
d) there is a direct business interdependence that cannot be replaced in the short term;
25 Reinsurance means a contract under which an insurance undertaking insures, in its turn, against part
of the risk so assumed.
26 Risk means a future, uncertain and prejudicial event, beyond the control of the insured person, against
the occurrence of which he wants cover.
27 Insured person means a person in whose interest the contract is made, or a person whose life, health,
physical integrity or assets are insured.

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Insurance Law
28 Insurance undertaking means the entity that underwrites the risk, and the term includes both
insurance undertakings incorporated in the Republic of Mozambique and the overseas branches in
Mozambique of foreign insurance undertakings.
29 Abnormal loss ratio means:

a) In non-life insurance, the gross loss ratio of any insurance undertaking is at least 50% higher
than the gross loss ratio recorded by the entire non-life sector in the same classes of
business;
b) In life insurance, a substantial variation is verified in the values in the actuarial tables so
utilised by any insurance undertaking transacting this class.
30 Overseas branch means the principal establishment in the Republic of Mozambique of an insurance
or reinsurance undertaking with head office abroad, or an establishment abroad of an insurance or
reinsurance undertaking with head office in the Republic of Mozambique, which, devoid of legal
personality, directly conducts operations inherent to the business of the head office.
31 1Policyholder means an individual or corporate person who, on his own account or on the account of
one or several other persons, concludes an insurance contract with an insurance undertaking and is
liable for the payment of the premium.
1
Translator’s note: The original published in the official gazette [Boletim da República] has two items with the
number 30.

34

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Insurance Law

(Object and scope)

2 This law shall be applicable to:

c) Overseas branches in the Republic of Mozambique of insurance and reinsurance

© Banco de Moçambique & Mozlegal Lda

(Licensed entities and prior authorisation)

b) Overseas branches in the Republic of Mozambique of insurance and reinsurance

2 The exclusivity of objects shall likewise be applicable to insurance brokerage.

© Banco de Moçambique & Mozlegal Lda

b) The company is wound up;

(Compulsory special registration)

(Refusal of special registration)

© Banco de Moçambique & Mozlegal Lda

c) The fact is manifestly null and void;

(Prohibition on the pursuit of unauthorised activity)

(Prohibition on contracting insurance abroad)

© Banco de Moçambique & Mozlegal Lda

1 Any of the expressions “seguradora”, “companhia de seguros”, “resseguradora”, “sociedade mútua de

(Use of official language)

© Banco de Moçambique & Mozlegal Lda

AUTHORITY AND SUPERVISION

2 In the performance of its functions, the supervising authority shall, in particular:

b) Issue directives such that irregularities detected are rectified;

c) Take extraordinary measures for rectification;

d) Impose sanctions for offences;

© Banco de Moçambique & Mozlegal Lda

a) Brokers – ten million meticais;

b) Agents – three million meticais;

c) Tied intermediaries – one million meticais.

CONDITIONS FOR THE TAKING UP OF THE BUSINESS OF INSURANCE

a) Thirty-three thousand million meticais for the pursuit of non-life business;

b) Sixty-seven thousand million meticais for the pursuit of life business;

© Banco de Moçambique & Mozlegal Lda

(Shares and bonds)

2 The issuing of bonds in order to cover liabilities of a technical nature is prohibited.

(Conditions and criteria for the granting of authorisation)

a) Adopt the form of company referred to in article 16 of this law;

© Banco de Moçambique & Mozlegal Lda

(Acquisition, increase or decrease of qualifying holding)

Insurance or reinsurance undertakings with head office abroad

© Banco de Moçambique & Mozlegal Lda

(Application of foreign judgements)

a) The rules of admission and expulsion of members;

(Minimum guarantee capital)

© Banco de Moçambique & Mozlegal Lda

(Types of technical provisions)

© Banco de Moçambique & Mozlegal Lda

(Other technical provisions)

Representation and guaranteeing of technical provisions

(Representation and guaranteeing)

© Banco de Moçambique & Mozlegal Lda

Rules governing intervention

(Recovery and rectification measures)

a) Rectification of the technical provisions or presentation of a financing or recovery plan;

d) Prohibition or restriction on the distribution of dividends;

e) Subjection of certain operations or acts to prior approval.

© Banco de Moçambique & Mozlegal Lda

a) Suspension or dismissal of the heads of corporate bodies;

b) Appointment of provisional administrators;

a) To veto decisions of the general meeting;

b) To call a general meeting;

a) The insurance undertaking expressly relinquishes it, by means of a reasoned request