PIAZ to come up with Micro Insurance regulation to protect insurance policy holders

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The Pensions and Insurance Authority of Zambia (PIAZ) says it is in the process of drafting micro insurance regulation to protect insurance policy holders in Zambia.

PIA Registrar Martin Libinga said the Authority wants to put in place regulations that will help to protect the interests of people who take up insurance cover with insurance companies.

Mr Libinga said this at the signing of a Memorandum of Understanding (MOU) and launch of MTN Zambia and Hollard Life Zambia Insurance product which is called Edusre at Radisson Blu Hotel in Lusaka today.

Edusure is an insurance product accessible from MTN Zambia mobile service targeting lower income groups to cover educational needs for children upon the death of parents.

He commended the two firms for partnering and introducing an affordable and innovative insurance product that will be accessed easily on the phone.

Mr Libinga said his organisation approved the service because it wants many Zambians to benefit from the service.

He regretted that only five per cent of Zambians are accessing insurance services and challenged insurance companies in the country to ensure that the majority of Zambians are provided with insurance services.

And speaking at the same function, Hollard Life Zambia Chief Executive Officer Ian Malilwe said his company was compelled to partner with MTN Zambia in order to offer insurance that covers children’s’ education

And MTN Zambia Chief Executive Officer Abdul Ismail said his organisation is committed to ensuring that the insurance product is easily accessed by the majority of Zambians through their mobile phones.