Thu, 11 Jan 2018 11:09:24 +0000 …as they fail to meet minimum paid up capital By BUUMBA CHIMBULU FIVE insurance companies will have their operating licences suspended this year following their failure to meet the required minimum capital requirement whose deadline was on 31st October, 2017. The companies are currently being assessed and a decision will soon be made whether to give them some time to raise the funds or undergo possible mandatory liquidation. In 2015, Government signed Statutory Instrument (SI) no. 71 of 2015 to allow insurance companies increase their paid-up capital to the minimum of K20 million from K1 million , long-term and general insurers to K12 million and K10 million respectively from K1 million, while for brokers, it stands at K100, 000 from K50, 000. According to the Pensions and Insurance Authority (PIA), as at 31 December 2017, 32 insurers (out of 37) with a combined market share of 97 percent had […]
