The Zambian regulator to impose a code of good practice on insurers

P.I.AIn collaboration with the World Bank, the Pensions and Insurance Authority (PIA) has developed new rules supposed to better protect Zambian consumers.

PAmong PIA's recommendations is the drafting of insurance contracts in a simple language the objective of which is to provide the policyholders with a better understanding of the covers underwritten. It should be noted that a control unit has been set up to ensure the enforcement of these new rules.

The Zambian insurance market reported a turnover of 2.78 billion ZMK (310.5 million USD) in 2018, an increase of 16% compared to 2017.

Read also | Tax proposal on the reinsurance premiums ceded by Zambia abroad

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