The Pensions and Insurance Authority is the regulatory and supervisory authority for the pensions and insurance industry in Zambia.
Establishment
The Authority is created by the Pension Scheme Regulation Act no. 28 of 1996 (as amended by Act no. 27 of 2005) and the Insurance Act No. 27 of 1997 (as amended by Act No. 26 of 2005). Prior to the enactment of the Act No. 27 of 2005, PIA existed as Office of the Registrar of Pensions and Insurance under the Ministry of Finance and Planning. Following the enactment of Act No. 27 of 2005 the Authority became a body corporate.
Mission Statement
“To regulate the conduct of pensions and insurance industry through prudential supervision in order to protect the interest of pension scheme members and insurance policyholders and to foster the industry’s growth, development and stability.”
Vision
“To be a leading supervisory and regulatory authority in the financial sector.”
Goal Statement
To attain internationally acceptable supervisory and regulatory standards and good corporate governance practices in pensions and insurance.”
Core Functions
As the Regulatory Authority for the pensions and insurance industry and Authority’s core function are: