Luanda: The Board of Directors of the Angolan Insurance Regulation and Supervision Agency (ARSEG) has given the green light to a new Chart of Accounts specifically tailored for Insurance Companies. This strategic move is designed to bolster policyholder protection and enhance trust within the national financial market. According to Angola Press News Agency, the approval was formalized through Regulatory Standard No. 01/26, dated March 18. The newly sanctioned instrument aligns with International Financial Reporting Standards (IFRS/IAS), excluding IFRS 17. Instead, IFRS 4 will remain applicable to ensure the transparency, consistency, and reliability of financial statements for insurance and reinsurance firms. ARSEG stated that the Regulatory Standard will have retroactive effect starting January 1, 2026, with mandatory application commencing January 1, 2027. Consequently, the financial accounts for the year 2027, reported in 2028, must adhere to the new Chart of Accounts. This transitional period is intende d to facilitate necessary adjustments in accounting and operational systems. The statement emphasizes that this approval brings the Angolan insurance market in line with global standards. It aims to reinforce transparency, boost consumer confidence, and contribute to the sector's stability and sustainable development.
