Govt tightens screws on insurers

Matambo
Matambo

The government has moved another step to tighten up operations of insurance companies, giving the Non Bank Financial Institutions Regulatory Authority (NBFIRA) more powers to preside over the industry.

Presenting the Insurance Industry Bill before parliament this week, the Minister of Finance and Development Planning Kenneth Matambo said that the bill will protect insurance policy holders, insurance agents, regulatory issues and national interests.

He said that the Bill, which has 10 parts, would also insure that insurance companies are prepared for risks to cover shareholders’s dividends, and there will be strict supervision and monitoring by NBFIRA. Penalties will be put in place for those who contravene the law.

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