NOTE BY VERITAS
Take-note motion moved in National Assembly on Tuesday 28 February 2023.
Since the attainment of independence in 1980, there has been very little progression in terms of strengthening the regulatory framework in the insurance and pension industry, which resulted in legislative and policy gaps. The Insurance Bill, which was gazetted on 10 September 2021, seeks to repeal the current Insurance Act and usher in best practices which have long been missing in the industry as well as to enhance protection for policy holders. The Bill also seeks to align the laws in the sector with the Constitution and the Justice Smith Commission of Inquiry of 2017.
The review of the envisaged laws governing insurance, public and private occupational pension funds should facilitate for the recommended reorganisation of the insurance and pension industry. This process of legislative reforms once completed would present a new era in the insurance and pension sector, particularly stabilising the sector which contributes immensely to economic development as the country strives to become an upper middle income economy by 2030.