Categories: Editor's Picks

PIA aware of Court judgement issued to Madison General Insurance.

The Pensions and Insurance Authority (PIA) says it is aware of the court judgement relating to a guarantee issued by Madison General Insurance Limited and has since instituted a targeted inspection to assess the potential impact on the concerned insurance company and ultimately policy holders.


In a statement issued to Money FM News, Authority Communications Manager, Doreen Kambanganji said it is not unusual for an insurance company to guarantee a loan. 
Ms Kambangaji said the Authority has since dispelled fears about Madison General Insurance Limited and Madison Life Insurance Limited under Madison Financial Services.


“Pensions and Insurance Authority wishes to allay fears regarding Madison General Insurance Limited and Madison Life Insurance Limited under Madison Financial Services Plc” Ms Kambanganji said. 
She explained that the Authority has noted, with keen interest, social media reports regarding a court judgment in favor of Atlas Mara and not First National Bank as alluded to in social media circulation and the subsequent press release by the holding company, Madison Financial Services Plc, in relation to a guarantee by Madison General Insurance Limited.


“The public will note that 2020 licenses for Madison General Insurance Limited and Madison Life Insurance Limited were recently renewed having fulfilled the licensing requirements” She added. 
Ms Kambanganji said as at 31st December 2018, Madison General had the second largest market share in the general insurance subsector at 15% while Madison Life Insurance was the third largest insurance company in the life insurance subsector, with a market share of 13%.
“However, the Authority is aware of the court judgement relating to a guarantee issued by Madison General Insurance Limited and has since instituted a targeted

More From Author

ACCA

https://www.accaglobal.com/africa/en.html

Read More

Economist @ Money 02 May 2020

Join the host and guest as they look at various economic issues.

Read More

Women @ Money – “Strategic Planning”

Listen to the host Nkhonde Fumbeshi as she discusses “Strategic Planning” with Dr Freda Mwamba…

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

IZB profit up 18.74% to K604.33 million

IZB has posted a K604.33 million Net Profit after tax for the year ended 31st…

Read More

Indo Zambia Bank declares K50 million dividend cheque

This is part of the K125 million dividend, the highest ever for 2023 financial year.…

Read More

Economist expects currency to hit K15 between April, December, 2024

  The Kwacha has been experiencing an unusual decline since introduction of the Export Proceeds…

Read More