18 April 2017

Vizor Selected by Pensions & Insurance Authority Zambia

Today, Vizor Ltd. Announced that its regulatory reporting solution will be implemented at the Pensions and Insurance Authority of Zambia (PIA), where it will be used to strengthen and enhance the regulatory capacity of the PIA by enabling all regulated entities to electronically submit and manage:

  • Applications for registration & licensing of regulated entities;
  • Applications for authorization of appointments, and fit & proper persons;
  • File and Use applications for products, reinsurance treaties, and investment policy; and,
  • Audited Annual Financial Statements, Actuarial Valuation Report/Certificates, Annual & Quarterly Returns, and solvency statements.

With the implementation of the Vizor Software reporting solution, all regulated entities will now report through one system, resulting in significant improvements in the quality, consistency, reliability, and integrity of information submitted to, and subsequently published by, the PIA.

In addition, the platform will provide a scalable and flexible technology architecture that can be leveraged for future data collection and reporting needs.

About the Pensions and Insurance Authority The Pensions and Insurance Authority (PIA) is the regulatory and supervisory body for the pensions and insurance industry in Zambia. The Authority falls under the Ministry of Finance and derives its mandate from the Pension Scheme Regulation Act No 28 of 1996 (amended by Act No. 27 of 2005) and the Insurance Act No. 27 of 1997. The functions of the Authority vests in the Board which is appointed by the Minister of Finance in accordance with the provisions of Act. The Board comprises 9 members that are nominated from various institutions identified in the Amendment Act. You can learn more about the Pensions and Insurance Authority at http://www.pia.org.zm/