BUUMBA CHIMBULU writes
The Pensions and Insurance Authority (PIA) has put in place a taskforce which will ensure that marine insurance is properly handled once it is passed as a law.
This is according to the PIA deputy registrar Titus Nkwale.
Mr Nkwale said the authority would engage relevant authorities on how marine insurance would be handled once introduced in Zambia.
He was speaking in an interview.
“A taskforce and members are in place to start discussion with relevant stakeholders, if the insurance law is enacted this year then we will start this year.
“So first of all it has to be made mandatory then we can ensure that it is being consumed where it is supposed to be, in this case the desired market is Zambia There then should be an institutional arrangements preferably it can also be in the law for monitoring and enforcement,” said Mr Nkwale.
Mr Nkwale emphasised that marine insurance was supposed to happen from a perspective law.
He further said “the first is to amend the actual insurance act, yes one can argue that section 120 of the insurance is currently sufficient to domesticate the marine insurance but it has got one weakness, it does not prescribe marine insurance as mandatory.
“So if there is a breach one can say I have not bought any insurance anyway so you cannot punish someone for buying marine insurance elsewhere unless there is proof.”