Government has disclosed that the insurance bill is ready and will be reviewed in the next legislative session in February, 2019.

Ministry of Finance Permanent Secretary Mukuli Chikuba has attributed the delay in implementing insurance laws in the country to insufficient input of effort by the government.

Mr. Chikuba has noted that urgent review of the insurance bill will be critical to the boosting of the performance of the insurance sector which has been poor.

He was speaking at the Breakfast launch of the 14th International Micro Insurance Conference slated for the 6th to 8th November 2018.

“The insurance sector is one of the Key enablers to support the building of a robust financial sector as well as contribute to economic development” says Mr. Chikuba.

“Providing financial service products, particularly insurance continues to face several challenges including inadequate regulations, policies, product development, distribution, marketing and premium collection.”

Meanwhile, Insurers Association of Zambia (IAZ) Consumer Education officer Kambole Chituwo has expressed joy over the progress being made in enacting the bill as announced by the Permanent Secretary.

“The Insurance sector has been waiting for quite a while for the revised insurance bill to go to parliament and we are actually glad to hear that it’s finally going to see the light of day so to speak” says Mr. Chituwo.

“There a number of changes that have been needed for quite a while to help the industry move more smoothly”.

Meanwhile the Pensions and Insurance Authority has said that the insurance bill has a provision that will unlock micro-insurance.

PIA Registrar Martin Libinga says the work of the insurance industry is limited without the insurance bill being enacted.

Mr. Libinga was also speaking at the breakfast launch ahead of the 14th International Micro Insurance Conference which will be held in Zambia.

Zambia is the first country in Africa to host the conference which is expected to attract “approximately 450 experts from around the world” and will be held under the theme ‘inclusive insurance for emerging markets’.

The annual IMC is aimed at tackling poverty and creating a basis for improving the living conditions of people in developing countries.