The Pensions and Insurance Authority (PIA) is the regulatory and supervisory body for the pensions and insurance industry in Zambia. The Authority falls under the Ministry of Finance and derives its mandate from the Pension Scheme Regulation Act No 28 of 1996 (amended by Act No. 27 of 2005) and the Insurance Act No. 27 of 1997.
The functions of the Authority vests in the Board which is appointed by the Minister of Finance in accordance with the provisions of Act. The Board comprises 9 members that are nominated from various institutions identified in the Amendment Act.
As required under the Pension Scheme Regulation Act the Board appoints the Registrar, who is the Chief Executive Officer of the Authority. The Board also appoints the two Deputy Registrars, the Board Secretary and other members of staff.
“To be a sound and resilient pensions and insurance industry regulator.”
“To protect the interests of members and sponsors of occupational pension schemes, insurance policyholders and shareholders; and promote the development of the pensions and insurance industry through effective regulation, supervision and excellence in service delivery.”
Accountability– We accept the consequences of our decisions and actions
Excellence – We endeavour to be diligent, committed, efficient and effective in the execution of our duties
Confidentiality – We do not disclose privileged information to any unauthorised persons
Integrity – We work with honest and uphold ethical standards at all times
Objectivity – We remain unbiased in the course of our work