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PIA Revises Insurers’ Minimum Capital for Insurance Firms

The Pensions and Insurance Authority has increased the minimum paid-up capital requirement for insurance companies and brokers in Zambia. This follows the signing of SI71 of 2015 by the Minister of Finance Hon Alexander Chikwanda on 2nd October 2015.
 
Re-insurance companies are required to increase their paid-up capital to a minimum level of K20, 000,000.00 from the previous K1, 000,000.00. Long term and general insurers are expected to increase their paid up capital to K12, 000,000.00 and K10, 000,000.00 respectively from K1, 000,000.00.
 

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