The Pensions and Insurance Authority is a regulator of Insurance Companies and pension schemes in Zambia.
The PIA was established under the Pension Scheme Regulation Act No. 28 of 1996, as amended by Act No. 27.
The PIA also regulates the intermediaries such as fund managers, fund administrators, fund custodians, insurance agents, insurance brokers, claims agents or loss adjustors.
The main purpose is to ensure that people develop and maintain public confidence in the pensions and insurance industry. In order to execute this, the Authority administers a regulatory and supervisory regime that promotes decency and fairness in the operating environment.
Its core functions are as follows:
By implementing a risk-based approach (RBA), that is monitoring entities that demonstrate a high risk in their conduct of business, it lets entities that are conducting business according to the expected standards provided in the law to continue conducting businesses with minimal interruption.
The PIA carries routine inspection to check whether the regulated entities are complying with the law. Depending on the findings, the PIA takes the appropriate action which may include suspension or revocation of the licence.
The PIA also carries out other regulatory activities such as issuing of guidelines and standards and ensuring that the country’s legal environment for the industry is conducive.
The Authority trains its members of staff and the industry on measures to curb money laundering, terrorist financing and other serious financial crimes.
In order to effectively discharge its obligations under the Financial Intelligence Centre Act, No. 46 of 2010, the Authority ensures that the staff and the industry are equipped with the skills that will enable them detect these vices.
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