Insurance and reinsurance—Zambia—Q&A guide

The following Insurance & Reinsurance practice note provides comprehensive and up to date legal information covering:

  • Insurance and reinsurance—Zambia—Q&A guide
  • 1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.
  • 2. What are the requirements for formation and licensing of new insurance and reinsurance companies?
  • 3. What licences, authorisations or qualifications are required for insurance and reinsurance companies to conduct business?
  • 4. What are the minimum qualification requirements for officers and directors of insurance and reinsurance companies?
  • 5. What are the capital and surplus requirements for insurance and reinsurance companies?
  • 6. What are the requirements with respect to reserves maintained by insurance and reinsurance companies?
  • 7. What are the regulatory requirements with respect to insurance products offered for sale? Are some products regulated by multiple agencies?
  • 8. What are the frequency, types and scope of financial, market conduct or other periodic examinations of insurance and reinsurance companies?
  • 9. What are the rules on the kinds and amounts of investments that insurance and reinsurance companies may make?
  • More...

Insurance and reinsurance—Zambia—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to insurance and reinsurance in Zambia published as part of the Lexology Getting the Deal Through series by Law Business Research (published: April 2020).

Authors: Mulenga Mundashi Kasonde—Michael Mundashi; Chibuye Chola

1. Identify the regulatory agencies responsible for regulating insurance and reinsurance companies.

The main regulatory bodies responsible for regulating insurance and reinsurance companies in Zambia are the following:

  1. the Competition and Consumer Protection Commission (CCPC), to the extent insurance and reinsurance companies, like any business in Zambia, are required to conduct business in a manner that is not anticompetitive and distort competition by, say, price collusion;

  2. the Patents and Companies Registration Agency (PACRA), mandated to register, control, monitor and regulate businesses, companies and trademarks;

  3. the Pensions and Insurance Authority (PIA), the main regulatory agency responsible for monitoring insurance and reinsurance companies, and to ensure that they are complying with the laws and regulations;

  4. the Insurance Association of Zambia (IAZ), which is mandated by the Insurance Act to set industry standards; and

  5. the Zambia Revenue Authority (ZRA), to the extent that it will require insurance companies and reinsurance companies to comply with various physical statutes that are in force in Zambia.

2. What are the requirements for formation and licensing of new insurance and reinsurance companies?

The proposed new insurance and reinsurance company would first need

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