In a statement, Arseg states that the company's license was revoked under the Basic Law for Financial Institutions and the General Law on Insurance Activity.
According to the insurance regulator in Angola, the revocation resulted from the “lack of financial guarantees” on the part of the company, associated with the “unavailability of shareholders to inject the financial resources necessary to satisfy minimum solvency requirements”.
According to the document, the company no longer “meets the necessary conditions for the exercise of the activity”.
Arseg says that the measure applied was also the “reduction of more than 80 percent of the company's activity and the number of claims by policyholders, accumulated over several years, regarding the company's difficulty in compensating claims”.
The said company, observes Arseg, "immediately goes into liquidation", in accordance with current legislation, with the regulator "taking the appropriate measures" so that the Attorney General of the Republic "requests a declaration of bankruptcy".
The body, under the supervision of the Ministry of Finance, guarantees that it will endeavor to “ensure the transfer of active portfolios, as well as the handling of claims and claims and indemnities with policyholders and beneficiaries”.
