Insurers urged on professionalism

The Insurance Institute of Malawi (IIM) has urged insurers to maintain professionalism when executing their job.

This was said during the closing of a two-day training on Pension and Life Directives, which was organized by IIM in conjunction with the Reserve Bank of Malawi (RBM).

The training was mainly to update and remind the participants on some provisions of the Pensions Act.

IIM Vice president Maclonex Mwase said the training also aimed at addressing knowledge gaps in the industry.

“As you know, the Reserve Bank issued new directives on Pension and Life Assurance, and we are discussing the new measures so that our officers are updated.

“As a regulatory body, RBM audits our operations and we want to make sure that when they come to audit us, they should see that we are doing things in line with the directives,” Mwase said.

Guest of honour at the event, Old Mutual Managing Director Tavona Biza, said the new directives are meant to safeguard future investments.

“What is important for us, as a sector, is to win the confidence of the insurers, that their investment is safe by following the directives,” he said.

The training is the second phase following the first phase which dealt with general directives in the industry targeting non-life companies.

The training attracted participants from life insurance companies, pension fund administrators, brokers and compliance officers.

By Caroline Kandiero - The Daily Times