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Relax entry conditions for insurance awards-Govt

By BUUMBA CHIMBULU

ENTRY conditions for the insurance awards should be softened up to ensure that many players participate in an effort to encourage innovation which is among the key enablers of economic growth.

This is according to the Secretary to the Treasury, Felix Nkulukusa, at the insurance awards dinner over the weekend in Chongwe which were held at a closing dinner for the 2021 annual insurance conference.

Mr Nkulukusa stressed the need not to put stringent measures for the awards participants in an effort to encourage more participation from insurance players.

He said this in a speech read on his behalf by Ministry of Finance and National Planning Permanent Secretary for budget, Trevor Kaunda.

“Conditions for entry for the awards should be looked at maybe they were too stringent and that is why some categories did not have participants.

“Government committed to stimulating the economy by encouraging innovations from all sectors of the economy.  I am hopeful that the awards will propel the industry to greater lane,” MrNkulukusa said.

He emphasised that the insurance industry played a vital role in economic growth especially now when economic fortunes of many players had been affected by the Covid-19 pandemic.

Pensions and Insurance Authority (PIA) acting Registrar, Kabisa Ngwira, stressed that: “the Awards remain a critical component in encouraging innovations on financial inclusion. Hopeful that awards will encourage innovation.”

Meanwhile, Insurers Association of Zambia (IAZ) president, Christabel Banda, believed that the conference participants had done justice to the theme of dealing with the negative perceptions about insurance by some members of the public.

This year’s theme was “Enhancing public perception of insurance, to support economic growth.”

Ms Banda expressed confidence that Government would take into consideration key issues wichwere discussed at the conference.

“We believe did justice to the theme of dealing with the public perception.  Got candid feedback and what’s was shared at the conference should help move forward. Will take up matters which came up at the conference

“We expect some friendly outcomes from the deliberations we have had in the conference and we wish you will take them up into consideration as you review the budget [2022 national budget]. We hope that once you get back to the Ministry, you will take up our message,” Ms Banda said.

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