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Strategic Plan

Pensions and Insurance Authority 2016 - 2018 Strategic Plan

The Pensions and Insurance Authority is currently implementing its fourth strategic plan which runs from 2016 to 2018. The following are the focus areas in the new strategy:

  1. To have a stable and sound insurance and pensions market
  2. To promote market development, consumer education and protection in pensions and insurance
  3. To develop and maintain institutional capacity for efficient and effective execution of the authority’s mandate

Industry Stability

The Authority takes cognisance of the need to have a stable and sound pensions and insurance industry that will boost investor and public confidence and enhance competiveness.

To attain industry stability, the Authority intends to enhance the regulatory and supervisory framework by completing the review of regulations in respect of licensing, solvency, market conduct and corporate governance.

Further, in order to strengthen its supervisory mandate, the Authority will enhance its supervisory manuals for off-site monitoring and supervisory intervention.

 

In respect of financial crime, the strategy will focus on awareness and capacity building initiatives. Substantial amount of resources will also be expended in the Authority’s participation in the national risk assessment exercise.

Market Development, Consumer Protection and Education

Industry development remains a critical area in addressing among others, low rates of pension and insurance coverage. For instance, the right to Social Security is enshrined in Article 22 of the Universal Declaration of Human Rights. However, Zambia as other developing countries has lagged behind in implementing measures to make this a reality.

 

In this regard, the Authority in its industry development programme will focus on financial inclusion and will work towards drafting regulations that will aim to promote micro-insurance, micro-pensions and capturing of the informal sector as a part of efforts towards progressive actualization of financial inclusion.

 

On consumer protection, the Authority has come up with strategies that will ensure that pensions and insurance providers comply with set regulation and meet their end of the bargain as they fall due.

Further, the Authority has identified awareness of pensions and insurance products by citizens as a key aspect to enhancing uptake and has therefore prioritised consumer education as one of the areas that will be pursued during the strategic implementation period.

Strengthening Institutional Capacity

In pursuit of the set goals, there will be need for streamlining the operations of the Authority and putting in place measure that will ensure successful implementation of the plan.

The current organisational structure was approved in 2008 and since then, industry has substantially grown and evolved. It is therefore important that the Authority reviews and re aligns the structure in order to meet the needs of the operations of the institution and industry.

Further, staff will need to be equipped with the necessary skills and facilities to increase motivation and productivity.

In recognition of the enormous potential accruing from technology, the Authority will also focus on automating its processes. The automation initiatives will include the acquisition of the regulatory software which should result in efficiency in the delivery of services