228. The Legal Regime for Insurance - approved by Decree 30/2011, data in August – offers greater transparency by clearly defining the institutional standards on the access to and exercising of the insurance activity and its broking, and the material standards for insurance contracts. The greatest contribution of this regime is automatically reflected in the effectiveness of the insurance activity in the country, as well as in the definition of a supporting framework for the sector’s oversight activities. 229. With regard to the New Chart of Accounts, a significant qualitative leap has been taken with this legal technical instrument, in reflecting significant signs of response to the concerns regarding the convergence with the IFRSs, which have been mandatory since 2011. One of the greatest contributions of this Chart of Accounts is to allow the accounts of insurance companies operating in Mozambique to be read and compared on an equal footing to the accounts of other international insurance companies. 230. Notwithstanding the above mentioned progress little is seen in terms of addressing the concerns formally expressed by the APR Panel on this matter. Objective 1: To promote an enabling environment and effective regulatory framework for economic activities The APR Panel recommended that the implementation of the action plans agreed between the sectoral working groups of the Public/Private Partnership be accelerated (i); a Credit Risk Centre outside of the BM be established, belonging to and governed by the private sector, thereby giving it a more neutral environment and easily accepted by the private sector (ii); the issuance of public debt treasury bonds/bills with varied maturities to produce a “yield curve” be increased, to be used by the private sector to test the performance of prices practiced by the issuers of private debt instruments on the market (iii); fiscal incentives be offered to attract more listings on the Stock Exchange (i.e., cancel or accept the taxes of enterprises resulting from the application of the IFRSs) and boost the secondary market through the elimination or reduction of taxes on profits resulting from the negotiation of traded securities and a reduction of taxes on dividends of listed companies (iv); the right to land in the field (rural properties) be transferable in the same terms as for urban land (urban property), by means of a record, with the transferee having to automatically assume any obligation of the transferor (v). 231. As regards the recommendation of the APRM Panel in order to accelerate the implementation of the action plans agreed between the sectoral working groups of public-private partnership, the country has been recording progress as it is increasingly most notorious effort of the Government and the private sector on auscultation and finding solutions to improve the business climate in the country and aimed to include the private sector in business opportunities arising from new investments in the country21. 232. Despite these improvements, concrete results of these action plans are still not yet very visible, greater involvement of working groups is expected in the materialization of the discussions held 21 See, for example, the Annual Private Sector Conference, the deployment of trade associations and organisation of Development Observatories. 80