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Insurance/ Reinsurance Guide to Global Business in Di Genous Insight

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Insurance/ Reinsurance Guide to Global Business in Di Genous Insight Insurance/ Reinsurance Guide to Global Business In di gen ous Insight U ach nmatched Global Re 16 0 W ms orld Ready Member Fir T he L eadin g Law Firm Network In di s ge n no o us Insight ti lu o S ss le Un each am matched Global R Se s m ir 1 F 60 s er Worl Firm b d Ready Member em M dy Rea rld Wo 160 T he L eadi o ng Law F on irm Network o B Pr ide ldw Wor Your World Ready Partner Lex Mundi is the world’s leading network of independent law firms with in-depth experience in 100+ countries. Our member firms are able to offer their clients preferred access to more than 21,000 lawyers worldwide – a global resource of unmatched breadth and depth. Each member firm is selected on the basis of its leadership in – and continued commitment to – its local market, and each brings comprehensive knowledge and understanding of the business climate, laws, culture, politics and economy of its respective jurisdictions. Working with Lex Mundi member firms you can be assured that you will be connected to: Quality Representation Seamless Service Our top-tier member firms are committed to Our global network is an unrivaled resource for clients providing not only exceptional legal work but superior seeking solutions to cross-border transactions, matters client service as well. Each firm is admitted only and disputes across multiple jurisdictions. Member after substantial due diligence and must undergo firms are accustomed to working together according regular quality and peer review procedures to retain to our seamless service protocols, which provide membership in the network. basic guidelines, procedures and best practices for how members collaborate on behalf of a common Preeminent Law Firms client. This assures that clients benefit from the broad, Lex Mundi member firms are among the most deep local expertise, know-how and connections experienced, most knowledgeable in their of multiple Lex Mundi member firms while still jurisdictions. They deliver indigenous insight, a experiencing the ease of working with a single firm. market-specific focus and global connections to a diverse range of domestic and international clients. Global Reach Lex Mundi’s broad international coverage, including Local Market Knowledge and Industry 21,000 lawyers in 160 member firms spanning Sector Experience 100+ countries, assures that clients receive the fullest possible range of services from legal professionals Our member firms deliver unmatched who have in-depth, region-specific expertise in every “on-the-ground” expertise to clients. Through their major jurisdiction. indigenous insight – local knowledge built from hands-on, accrued experience of how markets develop and the forces and factors that affect them – Lex Mundi firms have the connections and capabilities to help shape innovative strategies for clients in any industry, at any level, virtually anyplace in the world. Expertise for Complex Legal Challenges Member firms have the local-market knowledge, experience and understanding necessary to handle clients’ complex challenges and opportunities, including mergers and acquisitions; private equity; project finance; capital markets (debt and equity); litigation and dispute resolution; corporate governance; intellectual property; real estate; and labor and workforce issues in a wide variety of industry sectors. Lex Mundi – the law firms that know your markets. Introduction | 4 Table of Contents Introduction 4 Africa 7 Angola 8 Mozambique 16 Asia and the Pacific 24 Australia 25 India 38 Japan 49 Singapore 54 Taiwan 59 Thailand 67 Europe 73 Belgium 74 England 85 Germany 96 Ireland 106 Luxembourg 116 Malta 125 Poland 136 Portugal 141 Russia 152 Slovenia 160 Turkey 171 Latin America 177 Argentina 178 Chile 185 Colombia 195 Panama 210 Peru 216 North America 221 Bermuda 222 Canada, Manitoba 230 USA, California 237 Puerto Rico 242 Leadership Page 249 Lex Mundi – the law firms that know your markets. Introduction | 5 Insurance/Reinsurance Guide to Global Business The Insurance/Reinsurance Guide to Global Business is meant to be a quick reference for in-house counsel conducting business across the world. Lawyers in the Lex Mundi Insurance/Reinsurance Practice Group agree that one of the biggest day-to-day challenges their clients face is the need to find footing quickly when issues arise in less familiar markets. In this guide, the group provides practical advice on a range of common scenarios, including market entry, local regulations, distribution requirements, contract law, dispute resolution and major legislative changes on the horizon. This publication is not intended to represent a comprehensive guide nor legal advice on the matters covered but rather provide a general overview on the subject. It may only be used as an indication and advice should always be sought from the appropriate Lex Mundi member law firm. Please note that each response was provided on a different date, and therefore the answers to the survey refer to laws and regulations in force on that specific date. Lex Mundi – the law firms that know your markets. Introduction | 6 Africa Angola Prepared by Morais Leitão, Galvão Teles, Soares da Silve & Associados, Sociedade de Advogados, R.L. Angola Lex Mundi Member Firm for Portugal Overview What are the categories of insurance licenses that exist? Which government bodies/agencies regulate insurance and reinsurance In Angola, insurers may be granted two different types of licenses to carry out insurance activities, companies? in the terms provided for by the Law 1/2000, of In Angola, the entity in charge of the regulation and February 3 (the “General Insurance Law”). The supervision of insurance and reinsurance companies definition, names, types and areas of insurance to is currently the Agência Angolana de Regulação e be open for business in the Angolan territory are Supervisão de Seguros (“ARSEG”) which was created set out in Schedule II to the General Insurance Law. by Presidential Decree 141/13, of 27 September The Minister of Finance has authority to approve the (subsequently amended by Presidential Decree general and special conditions, the technical bases and the rates for compulsory insurance and other 190/13, of 19 November 2013). ARSEG replaced insurance requiring standardization, as well as to Instituto de Supervisão de Seguros (the “Insurance approve policies and other technical instruments. Supervisory Institute” or “ISS”). The ISS was created by Decree Law 4/98, of January 30. All ISS attributions Under the General Insurance Law only companies and personnel were transferred to ARSEG. ARSEG’s whose incorporation has been authorized may main attributions are the supervision of the insurance, engage in the business of insurance and insurance reinsurance, insurance mediation and pension fund mediation. It is within the Minister of Finance’s management activities under the superintendence of authority to grant, for all national territory, the President of the Republic and Holder of Executive authorization for the incorporation of the companies Powers and, organically, the Ministry of Finance. The carrying out insurance and insurance mediation aforesaid superintendence powers manifest, most activities. The incorporation of companies having as notably, in the fact that the members of the board of shareholders non-resident individuals or companies directors of ARSEG are nominated by the President of that, in whole or in part, hold more than 50 the Republic. percent of their share capital, requires the Council of Ministers’ authorization, subject to the Minister In general, ARSEG defines the rules necessary for of Finance’s prior opinion. Authorization shall only the good functioning of the insurance sector and for be granted for joint operation of the compulsory the carrying out of the abovementioned activities. It and optional lines of insurance, both for direct controls and supervises the insurance sector as well as insurance and for reinsurance, except for engaging the activities mentioned above implementing, to that exclusively in life insurance or in a single insurance end, actions aiming to normalize the legal, technical line, where this is advisable for reasons relating and financial functioning of the insurance market, to insurance practice and appropriate approval is namely solvability criteria, the prudent management obtained. The Minister of Finance also has authority of technical provisions and their financial applications to determine which insurance lines may be pursued. and of the products made available to consumers. Finally, Insurance contracts entered into by a foreign insurer in Angola or relating to Angolan residents On the particular matter of supervision, ARSEG’s or assets located in Angola are null and void, as attributions comprehend, most notably: per Article 25 of Decree 7/02, of 9 April 2002 • To issue opinions concerning the incorporation of (“Insurance Related Infringements”) and Article 33 insurance and reinsurance companies as well as of Executive Decree 5/03, of 24 January 2003 the cancellation of the authorizations to carry out amended by Executive Decree 70/06, of 7 June 2006 insurance and reinsurance activities in Angola; (“Insurance Regulations”). Moreover, under Article 9 of the General Insurance • To initiate and oversee misdemeanor procedures, Law and Article 26 of the Insurance Related enforce the respective sanctions or advise Infringements, insurance contracts entered into in the Minister of Finance on the enforcement Angola or relating to Angolan residents or assets of any sanctions within the scope
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