Insurance industry launches charter
Monday, September 19, 2011
The ICB - which represents most of the country's insurance houses, brokers, agents and other stakeholders, launched the charter at the end of a two-day conference held in Gaborone.
The Charter comes as the insurance industry and the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) tighten professional standards in line with international best practice and in recognition of the critical responsibility borne by the sector.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...