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PIA licenses 295 insurance players, 3 new pension schemes

The Pensions and Insurance Authority has granted licenses to 295 insurance players to transact insurance business in the year 2019.

The Authority has licensed 30 insurance companies (20 general insurance and 10 long term (life) insurance companies), 38 insurance brokers, three (3) re-insurance companies, three (3) re-insurance brokers, two (2) risk surveyors, three (3) loss adjusters, three (3) claims agencies and 213insurance agents.

The Authority renews licenses of all insurance players annually as a way of scrutinising their suitability and therefore protect the interests of policyholders and beneficiaries.

The public is therefore, advised to only deal with licensed insurance players. All licensed persons are required to display their licenses prominently at their places of business.

We wish to WARN the public that it is illegal to establish or operate or manage an insurance entity or to engage in or transact in insurance business without a valid licence issued by the Registrar of Pensions and Insurance as it contravenes Sections 4, 5, 6, 7, 8 and 9 of the Insurance Act No. 27 of 1997 (as amended by Act No. 26 of 2005).  

Furthermore, it is illegal under Section 120 to insure any assets, liabilities and interests situated in the Republic of Zambia with unlicensed insurers.

The Authority has also registered four (4) new pension schemes and licensed seven (7) pension fund administrators and eight (8) pension fund managers

The Pensions and Insurance Authority has granted licenses to 295 insurance players to transact insurance business in the year 2019.

The Authority has licensed 30 insurance companies (20 general insurance and 10 long term (life) insurance companies), 38 insurance brokers, three (3) re-insurance companies, three (3) re-insurance brokers, two (2) risk surveyors, three (3) loss adjusters, three (3) claims agencies and 213insurance agents.

The Authority renews licenses of all insurance players annually as a way of scrutinising their suitability and therefore protect the interests of policyholders and beneficiaries.

The public is therefore, advised to only deal with licensed insurance players. All licensed persons are required to display their licenses prominently at their places of business.

We wish to WARN the public that it is illegal to establish or operate or manage an insurance entity or to engage in or transact in insurance business without a valid licence issued by the Registrar of Pensions and Insurance as it contravenes Sections 4, 5, 6, 7, 8 and 9 of the Insurance Act No. 27 of 1997 (as amended by Act No. 26 of 2005).  

Furthermore, it is illegal under Section 120 to insure any assets, liabilities and interests situated in the Republic of Zambia with unlicensed insurers.

The Authority has also registered four (3) new pension schemes and licensed seven (7) pension fund administrators and eight (8) pension fund managers.