GOVERNMENT OF ZAMBIA

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STATUTORY INSTRUMENT No. 100 OF 2007

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The Pension Scheme Regulation Act

(Laws, Volume 15, Cap. 255)

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The Pensions Scheme Regulation (Pension and Insurance Levy) Regulations, 2007

IN EXERCISE of the powers contained in section twenty-nine A of the Pension Scheme Regulation Act, the following Regulations are hereby made:

1.       These Regulations may be cited as the Pension Scheme Regulation (Pension and Insurance Levy) Regulations, 2007.

2.       In these Regulations, unless the context otherwise requires –

“Authority” means the Pensions and Insurance Authority and

“gross premium income” means the total premium written before deducting reinsurance expense, acquisition cost and adjustments on insurance reserves.

3.       The following shall pay a levy to the Authority:

a.       A pension scheme

b.      An insurance company; and

c.      A person whose premium or source for premium is obtained from a business carried out in Zambia

4.       (1) A  levy shall be paid  -

a.       On the net asset of pension funds, at a rate of 0.3 percent

b.      On the gross premium income of general insurer, at a rate of 0.8 percent per annum; and

c.       On the gross premium income of each long-term insurer, at a rate of 0.5 percent per annum

(2) The levy referred to under sub-regulation (1) shall be computed on quarterly accounts and paid to the Authority within sixty days after the end of each quarter

(3) A pension scheme, insurance company or person to pay levy imposed under these Regulations shall, where the audited financial statements relating to the pension scheme, insurance company or business, as the case may be determine that the amount of the levy paid for that year is less than the actual levy due from the pensions scheme, insurance company or business, pay the difference in the amount to the Authority.

(4) Where the audited financial statements of a pension scheme, insurance company or business determine that the pension scheme, insurance company or business has paid a levy in excess of actual levy due, the Authority shall credit the pension scheme, insurance company or business for the following year with the excess amount or refund the over payment to the pension scheme, insurance company or business.

N.P. Magande,

Minister Of Finance and National Planning

LUSAKA

12^th December 2007.

[MF.101/25/84C]

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