The Pensions and Insurance Authority (PIA) is the regulatory and supervisory authority for the pensions and insurance sector in Zambia as provided for in the Pension Scheme Regulations Act No.28 of 1996 (as amended) and the Insurance Act No. 38 of 2021. The Authority regulates and supervises entities operating in the pensions and insurance sector. This includes insurance companies, reinsurance companies, insurance intermediaries, pension schemes, pension fund managers and pension fund administrators.
Additionally, the Authority is further mandated to promote the development of the pensions and insurance sector.
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.
Vision: “A Model Pensions and insurance regulator..”
Mission Statement: “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.”
Values: “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.