Insurance reforms coming – PIA
Written by Millennium on July 24, 2019
BUUMBA CHIMBULU writes
THE Pensions and Insurance Authority (PIA) is currently working on reforms that will solidify the insurance industry.
This is according to the PIA deputy registrar for insurance Titus Nkwale.
Mr. Nkwale said the reforms were meant to, among other things, revamp the insurance industry.
Among the reforms, he said, were the outstanding Insurance Bill which had stalled.
He was speaking in an interview last week in Livingstone on the side-lines of the 2019 annual conference for the Insurers Association of Zambia.
“What we want to achieve in that bill is to revamp the whole solvency rules. These are the most important indicator of the financial strength of the financial institution, insurance included.
“So, when we strengthen the solvency of an insurance company, it will be able to underwrite more business and return it within country as opposed to reinsuring much of that business as it is currently,” Mr. Nkwale said.
He said Zambia would soon implement a statutory instrument to domesticate marine cargo insurance to ensure the country did not continue losing colossal sums of money on imports.
Mr. Nkwale said statutory insurance would soon be put in place to ensure that entities such as the Zambia Revenue Authority locally cleared all goods with marine insurance.
“Once implemented, all activities under the marine insurance would be underwritten by a locally registered license insurer thereby bringing business back to Zambia,” M.r Nkwale said.