Monday, March 4, 2024

Republic of Mozambique
Ministry of Economy and Finance

Republic of Mozambique
Ministry of Economy and Finance

17

STRENGTHEN SUPERVISION OF SOCIAL SECURITY FUNDS AND COMPLEMENTARY FUNDS

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STRENGTHEN SUPERVISION OF SOCIAL SECURITY FUNDS AND COMPLEMENTARY FUNDS

This measure will strengthen the supervision of social security funds and complementary funds, with a focus on greater diversification of investments and reinforcement of taxpayer protection.

This measure includes the review of mandatory investment mandates so that the funds and revenue generated are better safeguarded, directing them to more robust and diversified portfolios, with a view to guaranteeing greater protection of taxpayers’ interests and increasing the contribution of these funds to development. from the country. Under this measure, all pension funds, including the INSS, are now supervised by the Insurance Supervision Institute.

INSS management will be modernized, changing its governance model, with the establishment of an independent committee for approving and evaluating the performance of all investments, and changing the criteria for selecting members of the board of directors, which will now comply with the best international management practices of similar financial institutions.

STRENGTHEN SUPERVISION OF SOCIAL SECURITY FUNDS AND COMPLEMENTARY FUNDS

This measure will strengthen the supervision of social security funds and complementary funds, with a focus on greater diversification of investments and reinforcement of taxpayer protection.

This measure includes the review of mandatory investment mandates so that the funds and revenue generated are better safeguarded, directing them to more robust and diversified portfolios, with a view to guaranteeing greater protection of taxpayers’ interests and increasing the contribution of these funds to development. from the country. Under this measure, all pension funds, including the INSS, are now supervised by the Insurance Supervision Institute.

INSS management will be modernized, changing its governance model, with the establishment of an independent committee for approving and evaluating the performance of all investments, and changing the criteria for selecting members of the board of directors, which will now comply with the best international management practices of similar financial institutions.