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PIA Newsletter (January - June 2014 • Issue No. 2)

Welcome to the second edition of the Pensions and Insurance Authority Newsletter! We were very encouraged by the favourable comments that we received following the publication of our first edition (December 2013) and thank everyone who took time to send us their comments. It is our hope that the PIA Newsletter will keep our pension scheme providers, sponsors (employers), pension members, insurance businesses and insurance policy holders well informed of new developments that are taking place in the industry and other related sectors.

Pensions and Insurance Authority Newsletter - June/Dec 2013

Registrar Welcome Message

I wish to welcome you to the First Issue of the revived Pensions and Insurance Authority (PIA) newsletter in this year 2014. The revival of the newsletter is premised on the Authority’s appreciation that it is a vital platform on which education and general information on issues of pensions or insurance is effectively disseminated to then readers.
This newsletter gives the Authority an opportunity not only to provide articles of interest on pensions and insurance topics but to also keep you informed on other events being undertaken by the PIA. It is my firm belief that the newsletter will also enhance the public’s awareness of the responsibilities and functions of the PIA and which in this regard is the Authority’s ultimate desire in its fulfillment of the mandate to protect pension scheme members and insurance policy holders.

I would like to take this opportunity to inform the readers that the pension and insurance industry hasexperienced growth at a good rate over the last fewn years. The industry has experienced tremendous growthn in the number of people on pension schemes as well as insurance policy holders. With the introduction of microinsurance products on the market, the growth in the number of insurance policy holders is expected to increase. On the supervisory side, the Authority has been diligent in ensuring that it keeps pace with the latest trends being developed in financial services regulation.

Various Supervisory Manuals and Guidelines have been developed to enhance the Risk Based Supervision Approach. The principal legislation, that is , the Pension Scheme Regulation Act and the Insurance Act are also undergoing comprehensive amendments so that the principals and international best practices in terms of risk-based approach to pensions and insurance supervision are effectively implemented and enforced. These processes are aimed at strengthening the regulatory framework and ultimately lead to a stronger and stable pension and insurance industry.

Enjoy reading the newsletter