Zambia to implement new micro-insurance regulations
The government aims to support the industry's growth.Zambia's Pensions and Insurance Authority (PIA) announced on August 9th it has started working on the development of new micro-insurance and health insurance regulations.
"The regulations are currently at the Ministry of Justice and we are hoping that they will soon contact us to prepare those regulations for onward submission to Parliament," PIA registrar Martin Libinga told the Times of Zambia.
The new rules aim to modernise and harmonise the current legislation to support the growth of micro-insurance.
Mr Libinga said the insurance industry had continued to grow in the past few years, with gross premium for the period ending in December 2014 reaching K1.5 billion (€220,700).
He noted the growth was partly due to new entrances on the market, most of them foreign companies.
Under the new regulations, "industry players will be required to put in more money in their operations to give more security to policy holders", he said, adding this will bring "more stability to the industry" while enabling insurers to handle "more risky business".