As per Presidential Order No. 39/16, of 30 March 2016, the President of the Republic has appointed the state-owned insurance company ENSA Seguros de Angola, S.A. (“ENSA”), “on a provisional basis”, as leader of the special co-insurance regime for petroleum activities. This transfer of leadership of the co-insurance regime for petroleum activities to ENSA entails the transfer of all assets that are collateral for the performance of the obligations assigned.
This new statute also provides that: (i) certain insurances of the petroleum sector companies are excluded; (ii) all insurance policies as well as re-insurance agreements in force on the date of publication of this statute, in respect of bona fide third parties, remain in place; and (iii) within 6 months, the Angolan Regulatory and Supervising Agency for the Insurance Sector (“Agência Angolana de Regulação e Supervisão de Seguros”) is to prepare an in-depth review of the new co-insurance and reinsurance model for petroleum activities conducted in Angola.
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