Insurance Act, 2021
ZambiaAct of Parliament2021
The Insurance Act, 2021 is an Act of the Parliament of Zambia enacted in 2021. It contains 190 sections. Read its sections below, or ask Levy any question about the Insurance Act, 2021 and get an answer grounded in the Act with citations.
Sections of the Insurance Act, 2021
- S. 1Short title and commencement
- S. 2Interpretation
- S. 3Administration of Act
- S. 4Seal of Authority
- S. 5Registrar
- S. 6(1) A person shall not carry on insurance business or hold Prohibition
- S. 7A licence issued by the Authority shall authorise the licensee Types of
- S. 8Categories of insurance business
- S. 9Restriction on composite insurance
- S. 10Application for insurance licence
- S. 11Consideration and grant or refusal to grant licence
- S. 12Duration of licence
- S. 13Surrender of licence
- S. 14Suspension and cancellation of licence
- S. 15Effect of suspension or cancellation of licence
- S. 16Loss or damage of licence
- S. 17Application for amendment of licence
- S. 18Accepting insurance business from unlicensed person
- S. 19Entering into insurance contract with unlicensed person
- S. 20Repayment of funds
- S. 21Insurance broker to transmit premium
- S. 22Separate client account
- S. 23Lodging of insurance form
- S. 24Form of policies
- S. 25Premium rates
- S. 26Payment of premium
- S. 27Currency
- S. 28Settlement of claims
- S. 29A licensed insurer who receives a proposal for a policy Policies and
- S. 30Action against insurer and insurance broker
- S. 31Life insurance by minor
- S. 32Customer due diligence to life insurance polices
- S. 33(1) The proceeds on realisation of the policy shall, during
- S. 34Protection of beneficiary on death of policyholder
- S. 35Protection of policy for spouse and children
- S. 36Further protection for spouse
- S. 37Selection for realisation of life policy
- S. 38Partial realisation and conversion of policy
- S. 39Agreement to exchange life policy
- S. 40Incorrect statement in proposal for life policy
- S. 41Life policy intended to defraud creditor
- S. 42Proof of age
- S. 43Incorrect age in life policy
- S. 44Death occasioned by insured person or beneficiary
- S. 45Lost or destroyed life policy
- S. 46Cancellation of life policy
- S. 47Discrimination between life policy
- S. 48Premium rate on life policy
- S. 49Shareholding
- S. 50Principal office for insurance business
- S. 51Representation by chief executive officer
- S. 52Acting as director or senior officer
- S. 53Appointment of directors and officers
- S. 54Approval or refusal to approve appointment
- S. 55Notice of termination of appointment
- S. 56Absence of chief executive officer
- S. 57(1) A person shall not be a director or employee of more
- S. 58Restriction on holding shares
- S. 59Board of directors of insurer or reinsurer
- S. 60Corporate governance standards
- S. 61Reserves for unexpired risk
- S. 62Reserves for outstanding claims
- S. 63Statutory fund
- S. 64(1) A licensed insurer or reinsurer shall not carry on
- S. 65Solvency statement
- S. 66Furnishing of information on assets and liabilities
- S. 67Publication of authorised capital, subscribed capital and paid up capital
- S. 68Investment of funds
- S. 69Licensee to appoint actuary
- S. 70Notification of ceasing to have actuary
- S. 71(1) An actuary of a long term licensed insurer shall— Actuarial
- S. 72Where a report, prepared by an actuary in accordance
- S. 73Notification where capital requirements unlikely to be met
- S. 74Reinsurance programmes
- S. 75Submission of reinsurance treaties and contracts
- S. 76(1) The Minister shall, by statutory instrument, prescribe
- S. 77(1) The National Reinsurance Company shall be
- S. 78(1) A licensed insurer shall offer a minimum mandatory
- S. 79Prohibition on mergers and takeovers
- S. 80Approval of merger or takeover or transfer
- S. 81Inquiry into effect of merger or takeover
- S. 82Notice to policyholders
- S. 83Determination of application
- S. 84Notification on finalisation of merger or takeover
- S. 85Effect of merger or takeover on insurer
- S. 86Effect of merger or takeover on policyholder
- S. 87Appointment of external auditor
- S. 88Appointment of firm or body corporate
- S. 89Duties of external auditor
- S. 90External auditor’s duty to report
- S. 91Immunity of external auditor
- S. 92Disqualification of external auditor
- S. 93The accounts of a licensed insurer, reinsurer or insurance Auditing of
- S. 94Request for extended scope audit
- S. 95External auditor’s certificate
- S. 96Information by external auditor to Authority
- S. 97Access to information by external auditor
- S. 98External auditor’s report
- S. 99Dismissal of external auditor by Authority
- S. 100Where an external auditor of a licensed insurer, reinsurer
- S. 101(1) Where a licensed insurer, reinsurer or insurance broker
- S. 102A licensed insurer, reinsurer or insurance broker shall
- S. 103(1) A licensed insurer, reinsurer or insurance broker shall,
- S. 105(1) A licensed insurer, reinsurer or insurance broker shall
- S. 106(1) A licensed insurer or reinsurer shall prepare and furnish Insurer and
- S. 107(1) A licensed insurance broker shall prepare and furnish Broker’s
- S. 108(1) A licensed insurer carrying on more than one class of Separate
- S. 109(1) Financial statements and insurance accounts prepared
- S. 110(1) A licensed insurer, reinsurer or insurance broker shall
- S. 111Unauthorised publication of returns and statements
- S. 112(1) The Registrar may, for the purposes of ascertaining Examination
- S. 113The Authority shall establish an inspectorate to administer, Establishment
- S. 114(1) The Authority shall appoint suitably qualified persons Appointment
- S. 115(1) For the purposes of ensuring compliance with this Act,
- S. 116(1) The Registrar may request a licensee to furnish the Request for
- S. 117The Registrar may appoint a number of expert
- S. 118(1) The Authority shall, where it considers necessary for
- S. 119The Registrar may liaise and cooperate with relevant
- S. 120(1) The Authority may take supervisory action against a
- S. 121(1) The Authority may take supervisory action in respect Nature of
- S. 122Despite section 120, the Authority may, by notice in writing, Restrictions
- S. 123The Authority may, in taking supervisory action, relating Prohibition
- S. 124Where it appears to the Authority that a restriction or Variation or
- S. 125(1) The Authority may, where the Authority considers it
- S. 126(1) Despite any other relevant written law, the Authority
- S. 127(1) The Authority shall, on taking possession of a licensed Statement of
- S. 128A licensed insurer, reinsurer or intermediary, or an Petition to
- S. 129Where the Authority takes possession of a licensed
- S. 130(1) The Authority shall, where the Authority decides to
- S. 133The Corporate Insolvency Act, 2017, shall apply where Application
- S. 134(1) Subject to section 133, a licensed insurer, reinsurer or Prohibition
- S. 136(1) A licensed insurer, reinsurer or intermediary shall not,
- S. 137(1) Where a licensed insurer, reinsurer or intermediary Duties of
- S. 138(1) A licensed insurer, reinsurer or intermediary shall, Notice of
- S. 139(1) An approval by the Authority for the voluntary winding
- S. 140(1) The Authority shall, where the Authority is satisfied
- S. 141The Authority may, where it considers just and appropriate, Powers of
- S. 142(1) Subject to the Corporate Insolvency Act, 2017, or any Compulsory
- S. 143(1) A licensed insurer, reinsurer or intermediary, or an Appeal
- S. 144(1) The Authority may, in effecting a compulsory winding
- S. 146(1) A policyholder, creditor or owner of a licensed insurer,
- S. 147(1) Subject the Corporate Insolvency Act, 2017, or any
- S. 148Any undistributed funds remaining after final distribution, Undistributed
- S. 149Any asset remaining after all claims are paid in a Final
- S. 150The Authority shall take into its possession any unclaimed Unclaimed
- S. 151A person, other than the Authority, shall not where the Restriction
- S. 152(1) Where an application is made to the court for an order Other
- S. 153Any necessary and reasonable expenses incurred by the Recovery of
- S. 155The Authority may appoint an agent to carry out the functions Power of
- S. 156(1) The Authority may investigate a complaint—
- S. 157(1) The Authority may refuse to investigate a complaint
- S. 158Where the Authority is of the opinion that is in public Continuation
- S. 159The Authority may, at any stage of investigating or dealing Referral of
- S. 160The Authority may, where the Authority commences an Collaboration
- S. 161(1) The Authority may issue an enforcement notice Enforcement
- S. 162(1) The Authority may, on its own initiative or on an
- S. 163(1) A person who is aggrieved by a decision of the
- S. 164(1) The Minister shall, within thirty days after receipt of
- S. 165The Chief Justice shall prescribe rules of procedure for Tribunal
- S. 166(1) Subject to subsection (2), assets, liabilities and interests Insurance to
- S. 167(1) Subject to the Electronic Communications and Documents
- S. 168(1) The Registrar shall establish and maintain a register Register of
- S. 169The Registrar may, where the Registrar considers it
- S. 170(1) A licensed insurer, reinsurer or insurance broker shall
- S. 171The Registrar may, where the Registrar considers it
- S. 172(1) A person shall not issue a document, provided for in
- S. 173Where an offence under this Act is committed by a body
- S. 174A person who is not licensed in accordance with this Act Prohibition
- S. 175(1) A licensed insurer or reinsurer shall be a member of Membership
- S. 176A person who contravenes this Act or fails to comply General
- S. 177(1) An administrative penalty imposed under this Act shall
- S. 178An action or other proceeding shall not lie or be instituted
- S. 179(1) The Minister may, on the recommendation of the
- S. 180(1) The Insurance Act, 1997, is repealed. Repeal of
- S. 2000of 2000
- S. IPRELIMINARY PROVISIONS
- S. IIADMINISTRATION
- S. IIIREGULATION OF INSURANCE INDUSTRY
- S. IVINSURANCE POLICIES
- S. IXAUDITORS, ACCOUNTS AND RETURNS
- S. VMANAGEMENT AND SHAREHOLDING FOR INSURER, REINSURER AND INSURANCE BROKER
- S. VIFINANCIAL REGULATION OF INSURANCE BUSINESS
- S. VIIREINSURANCE
- S. VIIIMERGERS AND TAKEOVERS OF INSURANCE BUSINESS
- S. XINSPECTIONS AND CO-OPERATION
- S. XISUPERVISORY ACTION
- S. XIIINSOLVENCY, DISSOLUTION AND LIQUIDATION OF INSURER, REINSURER OR INTERMEDIARY
- S. XIIICOMPLAINTS
- S. XIVINSURANCE TRIBUNAL
- S. XVGENERAL PROVISIONS