By MAILESI BANDA
FINANCE minister, Felix Mutati has dissolved the board of directors for the Pensions and Insurance Authority, (PIA), and appointed a new board headed by Petronella Mwangala as chairperson.
The minister said the board was appointed to ensure that there is strict enforcement of regulation in the insurance sector and set the Insurance Industry on a path of sustainable reforms.
“Being part of the overall financial system of the country and one of the three regulators of the sector, it is inevitable for the Pensions & Insurance Authority to step-up its leadership, operational efficiency, and regulatory influence on the industry that it regulates,” he said.
Mr. Mutati said Government will carry out legal reforms in the insurance industry by repealing and replacing the Insurance Act in the first quarter of 2018 to strengthen sector governance and to facilitate the creation of an environment for improved financial soundness of industry players.
Other members on the board include, Constantine Hara and Chibamba Lopa, Harrington Chibanda and Anthony Dumingu.
Others are Prudence Malilwe, Akapelwa Imwiko, Alfred Chifota and Pitican Miyanda Syamfuko,
Mr. Mutati announced the new board members at the rebranding ceremony of AON Zambia to Minet Zambia in Lusaka on Wednesday night.
He stressed Government’s commitment to supporting private sector growth and expansion as that creates a platform for tax collection, and improved domestic resource mobilisation.
And Minet Zambia chief executive officer, Humphrey Kabwe, said the agility that the AON/Capital works transaction provides not only places his firm in the best possible position to service the growing and expanding middle-class market, but also creates an enabling environment for servicing the increasing cross-border trade.
“Minet Zambia will focus on expanding its business at Zambia’s borders by servicing companies that conduct business in and out of our landlocked country. We will also expand to other towns, especially in the new mining areas in the North-Western Province by establishing agencies to serve our clients,” Mr Kabwe said.