According to a statement from the regulator, the decision follows an administrative offense proceeding initiated after an off-site inspection conducted in 2024.
The insurance company was penalized for failing to conduct required risk assessments, deficiencies in identification and diligence procedures, failures in data retention, and non-compliance with employee training obligations.
BIC Seguros is owned by Banco BIC Angola, a financial institution linked to businesswoman Isabel dos Santos, who does not have formal control over this stake due to ongoing legal proceedings.
The regulatory body stated that the decision aims to ensure the strengthening of compliance and prevention mechanisms in the insurance sector, which are “fundamental for the stability and integrity of the national financial system.”
BIC Seguros is the sixth-largest insurer in the Angolan market, a sector dominated by ENSA, with approximately 30% market share, followed by Nossa Seguros, Fidelidade, Sanlam, and Mundial.
