Angola has reviewd rules for payments under insurance and reinsurance contracts involving operators in the Oil and Gas sector, according to official legal database Legis-PALOP+TL.
As of March 15, 2022, those involved in contracting insurance and reinsurance, namely commercial banks, Operators in the Oil and Gas Sector and Insurance and Reinsurance Companies must comply with the new rules, under penalty of committing punishable offences up to 50,000,000 Kwanzas (about USD 100,000).
Transactions between insurance and reinsurance companies and operators in the Oil and Gas Sector relating to the contracting of up and mid stream energy insurance, including reimbursement of return premiums and payment of claims related to the exploration and production of oil and gas, should preferably be settled in national currency; they may be done in foreign currency, if there is an agreement between the parties.
Legal Update/ Angola: Currency outflow limits to resident and non-resident individuals
Up and mid stream non-energy insurance contracts related to the oil and gas exploration and production activity must be settled exclusively in national currency, the new legislation stipulates.
Additionally, transactions abroad for payments to non-resident foreign exchange reinsurance companies are settled using existing funds in accounts domiciled in commercial banks in the country, held by insurance companies.
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