Four insurance institutions have been fined two million meticais by the Insurance Supervision Institute of Mozambique, as part of its inspection of financial guarantees.

Each of the insurers was fined 500,000 meticais due to infractions detected during the inspection of the insurance business and its mediation.

According to the economic supplement of Notícias, the companies Moçambique Companhia de Seguros SA, Diamond Companhia de Seguros and Imperial Insurance Moçambique SA were fined "for failing to set up assets representing technical provisions for the year ending December 31, 2022".

Imperial was also fined for failing to submit the report and accounts for the 2021 financial year.

The name of a fourth insurance company fined does not appear in the publication. Attempts to hear the ISSM were unsuccessful.