Magazine date:
Feb 2016 The Zambian ministry of finance has approved the amendment introducing new minimum capital required for insurers and reinsurers. This measure is designed to help companies retain a more substantial premium volume.
The new thresholds will grow from 1 million to 10 million ZMW (91 000 to 900 000 USD) for non life insurers and from 1 million to 12 million ZMW (91 000 to 1 million USD) for life insurers. For reinsurers, the new thresholds will rise from 1 million ZMW (91 000 USD) to 20 million ZMW (1.8 million USD).
Insurance and reinsurance companies are required to comply with the new provisions no later than October 2, 2017.