Insurance Bill to be presented in next session of parliament-MOF

Government has announced that it will present the Insurance Bill whose preparations have reached an advanced stage before parliament in the next session of parliament in February 2019.

Ministry of Finance Permanent Secretary Mukuli Chikuba says government has had a back and forth on what should be contained in the bill.

Mr. Chikuba says the bill cannot be presented in the current session as it has already passed the legislative stage.

He has assured government’s commitment to putting up policies that will help address the challenges in the insurance sector and ensure for growth in the uptake of insurance services.

He said this when he officiated at the launch of the 14th International Micro-insurance conference to be held from the 6th to the 8th of November under the theme “Inclusive insurance for Emerging Markets” which is expected to be attended by over 450 delegates from across the globe.

Meanwhile Mr. Chikuba has noted that 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.

He therefore states that the hosting of the hosting of the micro-insurance conference is critical for the emerging small medium-term businesses to effectively contribute to the economic growth and development particularly on the African landscape.

And Pensions and Insurance Authority registrar Martin Libinga urged government to expedite the process of tabling the insurance bill before parliament expressing concern over the low insurance growth in the country.