Angola – Compulsory Marine Cargo Insurance
The attached presidential decree has recently been enshrined in Angolan law to make the purchase of marine cargo insurance compulsory in Angola. We expect that it will come into force during H1 2020. As you will see in the attached decree (apologies – it’s in Portuguese!), not only is it compulsory to buy marine cargo insurance, it also has to be bought locally using a local insurer. AIBA is well positioned to help place this insurance.
Ukraine – insurance supervision department set up within National Bank
The National Bank of Ukraine created two new departments - on methodology for regulating activities of non-banking financial institutions and on insurance market supervision, Forinsurer reports with reference to Interfax-Ukraine. Between now and until July 1, 2020, both departments will develop proposals for effective transfer of their functions from the National Commission for financial services market to the National Bank. Starting July this year, the insurance market supervision department will be responsible with the implementation of prudential supervision of insurance companies, specialized reinsurers and insurance intermediaries. The functions of regulation of non-banking financial services markets will be transferred from the National Commission for financial services market to the National Bank as well, starting July 1, 2020.