The Pensions and Insurance Authority (The Authority) is the regulatory and supervisory body for the pensions and insurance industries in Zambia. The Authority falls under the Ministry of Finance National Planning and derives its mandate from the Pension Scheme Regulation Act No 28 of 1996 (amended by Act No. 27 of 2005) (the Act) and the Insurance Act No. 27 of 1997. (As amended by Act No. 26 of 2005)
The functions of the Authority vest in the Board which is appointed by the Minister of Finance and National Planning in accordance with the provisions of the Act. The Board comprises 9 members that are nominated from various institutions identified in the 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 for Pensions and Insurance, and the Board Secretary.
“A model pensions and insurance industries regulator..”
“To effectively regulate, supervise and promote development of the pensions and insurance industries in order to protect the interests of pension scheme members and insurance policy holders.”
The Authority’s core values are Integrity, Collaboration, Professionalism, Innovation and Accountability. The core values form the mnemonic ‘’ with the word play being, ‘I see PIA’. This implies that the Authority’s values must be seen in practice throughout the institution.of our work.