The Pensions and Insurance Authority (PIA) is the regulator of the pensions and insurance industry in Zambia. It was established as a body corporate following the amendments to the Pension Scheme Regulation Act No. 28 of 1996 as amended by Act No. 27 of 2005.
PIA is one of the three regulators in the financial sector and is tasked to regulate and supervise entities under the pensions and insurance industry. The Authority is further mandated by law to develop the industry as well as protect the interests of pension scheme members and insurance policyholders.
Our functions include:
- registering pension schemes, managers, administrators and custodians of pension schemes;
- licensing re-insurers, insurance companies, brokers, agents, loss adjusters, loss assessors, claims agents and insurance risk surveyors;
- protecting the interests of members and sponsors of occupational pension schemes, shareholders and insurance policyholders;
- monitoring the solvency of insurers and ensure the observance of sound insurance principles and practices by the insurer in the conduct of insurance business;
- formulating and enforcing standards of conduct of the business of insurance and occupational pensions schemes;
- promoting the development of the insurance and pensions industries;
- advise the Government on policies relating to the pensions and insurance industries; and
- advise the Government on adequate insurance protection of national assets and properties;