The Pensions and Insurance Authority (PIA) has denied any fraud or criminal conduct in the renewal of Ultimate Insurance Limited 2020 license.

In a statement issued to Money FM News, Authority Public Relations Doreen Silungwe said Ultimate Insurance Limited license was issued upon consideration of the set requirements.

‘’The Authority categorically denies any fraud or criminal conduct in the renewal of Ultimate Insurance Limited 2020 license. Like any other insurer licensed by the Authority, Ultimate Insurance Limited applied for the renewal of the 2020 license and upon consideration of the set requirements, the license was issued,” She said.

Ms Silungwe has however noted with regret, adverse media reports against the Authority in relation to the arrest of officials of Ultimate Insurance Company Limited and allegations of fraud regarding the renewal of Ultimate Insurance’s 2020 license.

“The Pensions and Insurance Authority (PIA) has noted with regret, adverse media reports against the Authority in relation to the arrest of officials of Ultimate Insurance Company Limited and allegations of fraud regarding the renewal of Ultimate Insurance’s 2020 license,” She said.
She says from that time the Authority become aware of disputes concerning shareholders of Ultimate Insurance Limited, its focus has been twofold and include protecting the interests of policy holders as well as attempting to resolve the issues in dispute to the extent possible, with regard that they are in court and are potentially contemptuous.

“Since becoming aware of the disputes between the shareholders of Ultimate Insurance Limited the Authority’s focus has been twofold protecting the interests of policy holders; and attempting to resolve the issues in dispute to the extent possible, having regard to the fact that they are in court and therefore potentially contemptuous,”Ms Silungwe explained.

She notes that, Zambia Police Service is investigating the matter, including whether there has been any wrong doing on the part of the Authority in the renewal of the 2020 license.

“However, as the public is already aware, the Zambia Police Service is investigating the matter, including whether there has been any wrongdoing on the part of the Authority in the renewal of the 2020 license. The Authority welcomes the investigations and has been fully cooperating with the police,” She said.