Mission & Vision

The Pension and Insurance Supervision (PISU) Department of Reserve Bank of Malawi was established as an off-shoot of Supervision of Non-Bank Financial Institutions Department (SNBFI) on 1st July 2010. The department was created to allow for more focused regulation and supervision of pension and insurance sectors as the scope of supervision of the defunct department was considered to be too wide to achieve the desired results.

The mission of the department is to foster the existence of a fair, safe, sound and stable pension and insurance industry in Malawi in line with international supervisory standards. In pursuance of this mission, the department performs its work with professionalism, integrity, impartiality, and in a friendly and cooperative manner but without compromising its authority or mandate.

The Department has the following core strategic objectives:

• ensuring the existence of an all inclusive and regulated pension and insurance sector;
• developing the pension and insurance sector and enhancing stakeholder confidence in pension and insurance sector services in order to broaden and deepen the market;
• safeguarding the interests of policyholders and pension fund members;
• fostering a competitive, cost effective environment and a level playing field in the pension and insurance industry through provision of prudential directives and regulations; and
• Providing quality, professional and effective supervisory and regulatory service.

The department has six key result areas namely:

• entry control
• on-going supervision
• policy development
• enhancement of fair competition and market development
• consumer education and protection
• exit administration

Departmental Structure

CONTACT US
The Director
Pension & Insurance Supervision
P.O. Box 565
Blantyre
Phone: 01 820299/444
Fax: 01 830 628
Email: pisu@rbm.mw

 

SUPERVISION OF THE INSURANCE SECTOR

The Insurance Act 2010 provides the primary legislative framework which governs the insurance market in Malawi. The main purpose of supervising insurance entities is to ensure that they are being operated in a sound and viable manner so as to develop and maintain public confidence in the insurance sector. To this end the primary responsibility of the Registrar is to protect the interests of the public by administering a regulatory and supervisory regime that promotes decency and fairness in the operating environment by encouraging insurance companies to confine their risk taking into acceptable levels.

It is, therefore, expected that the insurance industry will play a pivotal role in enhancing access to financial services and products by majority of Malawians.

ONGOING SUPERVISION

The Department monitors financial performance of market players through continued off-site surveillance of all insurance market institutions using financial statements provided by the regulated institutions on a quarterly basis. The department conducts periodic onsite examinations mainly as a follow up on to the off-site findings. As required, findings of such onsite examinations are reported to the concerned institutions.

 

The Reserve Bank currently regulates and supervises the following market players which make up the insurance industry:

• General Insurance Companies
  General Insurance companies undertake liabilities under a contract of insurance to indemnify a person in respect of any loss or damage, including a liability to pay damages or compensation contingent upon happening of a specific event. To this end, general insurance companies issue non-life policies, otherwise known as property and casualty.
• Life Insurance Companies
  Life Insurance companies undertake liabilities under a contract of insurance to indemnify a person in respect of any loss or damage, including a liability to pay damages or compensation contingent upon happening of a specific event. To this end, Life Insurance companies issue policies that cover liabilities contingent on the life of an individual.
• Reinsurance Companies
  Reinsurance companies on the other hand, undertake liabilities to pay money to insurers or reinsurers in respect of contractual liabilities or insurance business incurred by insurers or reinsurers arising out of events. In effect, reinsurers provide insurance services to insurance companies or indeed, other reinsurance companies.
• Insurance Brokers
  Insurance brokers are entities that act as agents of the insuring public on insurance products, providing advisory or risk management services and may assist in soliciting, negotiating and procuring of contracts of insurance or reinsurance in exchange of a commission.
• Insurance Agents
  Insurance agents are persons or companies which sell insurance products on behalf of insurance companies in exchange for a commission. Insurance agents will be appointed by insurance companies to issue or collect proposals and policies, and collect insurance premiums to be passed on to insurers.
• Insurance Loss Assessors/Adjusters
  Insurance loss assessors/adjusters are persons or entities that are engaged by insurers or policyholders to assess and establish the amount of loss/damage resulting from an event. This professional opinion may form the basis on how much should be paid in claims arising out of the event.

Existing Licensed Institutions
	General Insurance Companies Charter Insurance Co Ltd Citizen Insurance Co Ltd General Alliance Insurance Co Ltd NICO General Insurance Co Ltd Prime Insurance Co Ltd REAL Insurance Co Mw Ltd Reunion Insurance Company Ltd United General Insurance Co Ltd
	Life Insurance Companies NICO Life Insurance Co Ltd Old Mutual Life Assurance Co Mw Ltd Smile Life Insurance Co Ltd Vanguard Life Assurance Co Lt
	Reinsurance Companies Malawi Reinsurance Company Ltd
	Funeral Assistance Benefit Companies Star Lion Burial Society
	Insurance Brokers Alexander Forbes Malawi Ltd AON Malawi Ltd City State International Eagle Insurance Brokers Ltd Guardian Insurance Services Hubertus Clausius (Malawi) Ltd Kingfisher Associates (Ptv) Ltd Rhino Insurance Broking & Consulting Co Swift Insurance Brokers & Consultants Trinity Insurance Limited
	Agents for Brokers Indetrust Limited National Bank of Malawi NBS Bank Limited Opportunity International Bank of Malawi Standard Bank Malawi Ltd
	General Insurance Agents Beic and Partners Insurance Agency Blantyre Insurance Agency Corridor Insurance Services Central Insurance Agencies CHC Insurance Agency Chisangalo Insurance Agency Crown Insurance Agency Del Insurance Agency D.H Gelu Limited Eastern Insurance Agency Equatorial Insurance Services Hamax Insurance Services Laudo Insurance Agency Mcfreed Insurance Services Progressive Insurance Agency Rossal Insurance Agency Ranila Insurance Agency Senate insurance Services
	Insurance Loss Assessors/Adjusters Associated Insurance Adjusters Chimonjo Engineers Fidelity Loss Assessors Haroldsi Group MIC Associates Multipal Loss Assessors PDCA Consultants PD Alliance Loss Adjusters PTL Assessors

SUPERVISION OF PENSIONS

OUTLOOK OF THE SECTOR

The department will be empowered to regulate the pension industry in Malawi once the Pension Bill is enacted into law. Currently, the pension industry has been operating without a specific legal framework. Pension funds are registered under the Taxation Act, and Malawi Revenue Authority (MRA) is obliged to monitor the pension funds’ compliance with the Taxation Act. There is however no prudential supervision of the industry to promote the safe, sound and prudent management of pension funds. Over the years this has resulted in the abuse of pension funds by trustees and employers alike, to the detriment of the retiring employees.

The Pension Bill

The main objectives of the proposed pension law are to:

• Ensure that every employee is a member of the National Pension Scheme;
• Ensure that every employee in Malawi receives retirement and supplementary benefits as and when due;
• Promote the safety, soundness and prudent management of pensions funds;
• Strengthen the governance structure of existing pension industry entities;
• Foster agglomeration of national savings in support of economic growth and development of the country.

A survey in 2006 estimated that there were approximately 600 private pension schemes in Malawi, with total assets of around K35 billion. A compulsory scheme is envisaged to more than double pension assets within two years and that the sector will likely rival the banking sector for assets within a decade. A compulsory pension scheme thus offers the prospect of accelerating Malawi’s economic development by breaking the cycle of low savings and low capital formation on the one hand, and increasing the social security of retirees on the other. Currently most Malawian workers are not on a pension and face bleak retirement prospects.

REGULATORY FRAMEWORK

Publication

Uploaded Date

REGULATORY FRAMEWORK

Publication	Uploaded Date
Minimum Capital and Solvency Requirements for General insurers Directive (Click to download)	27-July-2011
Minimum Standards on Corporate Governance for Insurance Companies Directive (Click to download)	15-July-2011
Premium Payments to General Insurance Companies Directive (Click to download)	15-July-2011
Risk Management Framework for Insuance Companies Directive (Click to download)	15-July-2011
Suitability of Persons Associated with Ownership and Management of Insurers and Insurance Brokers Directive (Click to download)	15-July-2011
Capital and Solvency Directive for Reinsurers (Click to download)	13-April-2011
Capital and Solvency for Life Insurers (Click to download)	13-April-2011
Financial Reporting Requirements for General Insurers (Click to download)	13-April-2011
Financial Reporting Requirements for Life Insurers (Click to download)	13-April-2011
Financial Reporting Requirements for Reinsurers (Click to download)	13-April-2011

LICENSING REQUIREMENTS

Publication	Uploaded Date
Application for renewal of licence to conduct business as an Insurance Agent for Broker (Click to download)	13-April-2011
Application for renewal of licence to conduct business as an Insurance Broker (Click to download)	13-April-2011
Application for renewal of licence to conduct business as a Funeral Insurance Business Provider (Click to download)	13-April-2011
Application to renew a licence for conducting business as a Loss Assessor/Adjuster (Click to download)	13-April-2011
Application for a licence to conduct business as an Insurance Agent for Broker (Click to download)	13-April-2011
Application for a licence to conduct business as an Insurance Broker (Click to download)	13-April-2011
Application for a licence to conduct Funeral Insurance Business in Malawi (Click to download)	13-April-2011
Application for a licence to conduct business as an Insurance Company in Malawi (Click to download)	13-April-2011
Application for a licence to conduct business as an Insurance Loss Assessor / Adjuster (Click to download)	13-April-2011
Application for a licence to conduct business as an Insurance Company in Malawi (Click to download)	13-April-2011
Application to renew a licence for conducting business as an Insurance Agent (Click to download)	13-April-2011
Application for renewal of licence to conduct business as an Insurance Company in Malawi (Click to download)	13-April-2011

SUPERVISORY ACTIVITIES

Publication	Uploaded Date
PRESS RELEASE - List of licensed insurance companies, brokers, agents and loss adjusters/assessors as at 8 July 2009 (Click to download)	13-April-2011

ENFORCEMENT

NEWS & PUBLICATIONS

Publication	Uploaded Date
Understanding Pensions - The Malawian Context (Presentation) (Click to download)	13-December-2011
Practical Issues in the Pension Act, 2011 - Human Resources Workshop (Presentation) (Click to download)	13-December-2011
The Pension ACt 2011- Trustees Perspective (Presentation) (Click to download)	13-December-2011
THE PENSION ACT 2011-An Overview (Presentation) (Click to download)	13-December-2011

ANNUAL REPORTS

Publication

Uploaded Date

USEFUL LINKS

INSURANCE COMPANIES
	CHARTER INSURANCE COMPANY LIMITED Address: Pagat Mall Opposite Standard Bank P. O. Box 354 Blantyre Tel: (265) 01 821 901/01 821 147/01 822 492 Fax: (265) 01 822 492 E-mail:info@charterinsurance.mw	CITIZEN INSURANCE COMPANY LIMITED Address: Cil House P. O. Box 771 Lilongwe 3, MALAWI Tel: (265) 757 427 / 758 204 Fax: (265) 757 426 Email:citizen@malawi.net
	GENERAL ALLIANCE INSURANCE LIMITED Address: Alliance House, Sharp Road P. O. Box 1811 Blantyre, MALAWI Tel: (265) 01 822 100/111 (265) 01 821756/757 Fax: (265) 01821088 Email: gailbt@africa-online.net	NICO GENERAL INSURANCE COMPANY LIMITED Address: NICO House, 3 Stewart Street P. O. Box 2592 Blantyre, MALAWI Tel: (265) 01 822 699 Fax: (265) 01 822 363 Telex: 44241 E-mail: nicogen@nicogeneral.com
	PRIME INSURANCE COMPANY LIMITED Address: Chief Kilupula Building, Kamuzu Procession Rd. P. O. Box 30280 Lilongwe 3, MALAWI Tel: (265) 01 757 721; 01 753 012; 01 757 723 Fax: (265) 01 756 320 Email:prime@broadbandmw.com	REAL INSURANCE COMPANY Address: Delamere House, Victoria Avenue P. O. Box 442 Blantyre, MALAWI Tel: (265) 01 824 044/ 01 823 893/ 01 824 961 Fax: (265) 01 823 862 Telex: 44732 E-mail: blantyre@realinsurance.co.mw
	REUNION INSURANCE COMPANY Address Ground Floor, Adam’s Court Building Private 242, Blantyre Tel: 01 822 727/ 01 830 954 Fax: 01 821 887 Email: reunion@sdnp.org.mw	UNITED GENERAL INSURANCE COMPANY LIMITED Address: Michiru House, Victoria Avenue P. O. Box 383 Blantyre, MALAWI Tel: (265) 01 821 577/ 01 821 770 Fax: (265) 01 821 980 Telex: 44761 E-mail: ugi@ugimalawi.com
	NICO LIFE INSURANCE COMPANY LIMITED Address: NICO House, 3 Stewart Street P. O. Box 3044 Blantyre, MALAWI Tel: (265) 01 822 699 Fax: (265) 01 822 364 Telex: 44241 E-mail: nicolife@nico-life.com	OLD MUTUAL LIFE ASSURANCE COMPANY (MALAWI) LIMITED Address: Old Mutual House, Glynn Jones Road P. O. Box 393 Blantyre, MALAWI Tel: (265) 01 820 677 Fax: (265) 01 822 649/ 01 834 067 Telex: 44761 E-mail: oldmutual@oldmutual.co.mw
	SMILE LIFE INSURANCE COMPANY Address: 4th Floor – Development House, Henderson Street P. O. Box 1374 Blantyre, Malawi. Tel: (265) 01 832 211/ 244 Fax: (265) 01 832 180	VANGUARD LIFE ASSURANCE COMPANY LTD Address: 2nd Floor – MDC House, Sir Glyn Jones Road P. O. Box 1625 Blantyre, MALAWI Tel: (265) 01 823 506/ 01 823 356 Fax: (265) 01 823 356/ 01 823 014 E-mail: vanguard@vanguardlifemw.com
REINSURANCE COMPANIES
	MALAWI REINSURANCE COMPANY LTD Address: MalawiRe House, No 5 Sharpe Road Private Bag 157 Blantyre, MALAWI Tel: (265) 01 823 211/ 711 Fax: (265) 01 823 799 E-mail: MalawiRe@MalawiRe.com
INSURANCE BROKERS
	ALEXANDER FORBES MALAWI LIMITED Address: MDC House, Glyn Jones Road, P. O. Box 2913 Blantyre, MALAWI Tel: (265) 820 842/ 044/196 Fax: (265) 820 509 E-mail: aforbesbt@aforbes.co.mw	AON MALAWI LIMITED Address: Hannover House, Hannover Avenue P. O. Box 381 Blantyre, MALAWI Tel: (265) 820 355 Fax: (265) 824 597 Telex: 44761 E-mail: aonmalawi@aon-mw.com
	CITY STATE INTERNATIONAL Address: Malawi Union Building Robins Road P. O. Box 2010, Blantyre, MALAWI Tel: (265)823 215/01820270/08201187/0882770 Fax: (265) 824 154 Telex: 44761 E-mail: citystate@sdnp.org.mw	EAGLE INSURANCE BROKERS LIMITED Address P. O Box 2814 Blantyre Tel: 01675449/01673616/641 Fax 01675883
	GUARDIAN INSURANCE BROKERS LTD COMPANY Address: Suite 21 NICO Centre P.O Box 635 LILONGWE Tel: 01755 925/01754 292 Fax 01755923 E-mail: gis@malawi.net	HUBERTUS CLAUSIUS (MALAWI) LIMITED Address: Clausius House, Hanover Avenue Private Bag 294 Blantyre, MALAWI Tel: (265) 834 465, 834 651, 836 668, 836 669/675821 032 Fax: (265) 836 678, Telex: E-mail: hubertus@clausiusmw.com
	KINGFISHER ASSOCIATES (PVT) LIMITED Address: Delamere House, First Floor, North Wing Victoria Avenue Private Bag 154 Blantyre, MALAWI Tel: (265) 824 930, 824 048 Fax: (265) 822 713 E-mail: insurance@kingfisher.mw	RHINO INSURANCE BROKING AND CONSULTING Address: Kabula House, Next to Old Immigration offices P. O. Box 31870 Chichiri Blantyre, MALAWI Tel: (265) 833 158/01 824 182 Fax: (265) 833 648 Cell: (265) 951 111 Telex: 44761 E-mail: rhinoinfo@rhinoinsurancemw.com
	TRINITY INSURANCE SERVICE Address Khwaja House Old Town (Btwn LL Hotel & Tutla) P.O Box 30362 Lilongwe 3 Tel: 01 752 721 Fax: 01 750 650 Email: trinityinsurance@malawi.net	BLUE INSURANCE BROKERS MALAWI LIMITED Address: Upland House, Kamuzu Procession Road, Private Bag 277 Lilongwe Tel: (265) 1 754 147 Fax: E-mail: yamikanim@blue.co.mw
	SWIFT INSURANCE BROKERS AND CONSULTANTS Address 1st Floor, Kapeni House Opp. NBS Bank Ltd P.O Box 1388 Blantyre, Malawi Tel: 01 820 759 Cell: 08860783/08396412/09362527 Email:swiftbrokers@yahoo.co.uk
AGENTS FOR BROKERS
	INDETRUST LIMITED AGENCY Address: INDEbank House, P.O Box 1674, BLANTYRE. Tel: 01620455/01620985/01620130 Email: indetrustltd@indetrust.com	NATIONAL BANK OF MALAWI Address: National Bank of Malawi, 10 Victoria Avenue, P.O Box 945, Blantyre
	OPPORTUNITY INTERNATIONAL BANK OF MALAWI Address: Opportunity International Bank of Malawi, P.O Box A71, Lilongwe	STANDARD BANK OF MALAWI Address: Kaomba Centre, P.O Box 1111, Blantyre. Tel: 01820414
	NBS BANK LIMITED Address:P.O BOX 32551, BLANTYRE 3. Tel: 01 871 554
INSURANCE AGENTS
	BLANTYRE INSURANCE AGENCY Address P.O Box 1349 BLANTYRE Tel:0888343818	CENTRAL INSURANCE AGENCY  Address: Area 1, Kampala house PO Box 842 LILONGWE Tel: 01 724 667/0888 321 153/ 0999 955 868 Fax: 01 724 667
	CROWN INSURANCE SERVICES LIMITED Address: Acropolis Building P.O Box 51865 LIMBE Tel: 01840253/08861157	CHISANGALALO INSURANCE AGENCY Address: Private Bag 21 KASUNGU Tel: 253 560/09941147
	DEL INSURANCE AGENCY Address: Agason Trading Centre Milward Road PO Box 51552 LIMBE Tel: 01841 607 Cell: 08 823 878	D H GELU INSURANCE AGENCY Address: PO Box 22 LILONGWE Tel: 01 726 945/01724627 Fax: 01 726 637 Email: dhgelu@malawi.net
	EASTERN INSURANCE AGENCY Address P.O Box 875 LILONGWE Tel: 09934545	FUTURE INSURANCE AGENTS Address: Mwanza P.O Box 51004 LIMBE
	FAST INSURANCE SERVICES Address: Trade Fair Grounds Stand # 58 P.O Box 31142, CHICHIRI 3.	NATA INSURANCE AGENCY Address: Shire Building, along Paul Kagame Road P.O Box 1943 LILONGWE
	RESILIENT INSURANCE RISK MANAGEMENT SERVICES Address: Arwa House P.O Box B468 LILONGWE 3	LAUDO INSURANCE SERVICE Address: Area 2, Malangalanga Road P.O Box X77, Post Dot Net Cross roads, Complex, Lilongwe Tel: 0999 912 162
	MC FREED INSURANCE SERVICES Address: Acropolis Building P.O Box 60670 BLANTYRE 6 Tel: 01 844 708/0888 316 766	PAGAT INSURANCE AGENCY Address: Kamuzu Highway Kidney Crescent PO Box 51948 LIMBE Tel: 01 874 761/01 877 918/01 877 843 Fax:01 874 417 Email: Dada@malawi.net
	PROGRESSIVE INSURANCE AGENCY Address: Next to MRA Offices P.O Box 93 Mwanza Tel:01 432 358/ 01 432 282/08 368 050 Fax: 01 432 358 Continental Building –City Centre P. O Box 2459 BLANTYRE Tel:08 368 050	SENATE INSURANCE SERVICES Address: P. O Box 51326 LIMBE
	CORRIDOR INSURANCE SERVICES Address: P.O Box 203 DEDZA Tel: 01223167/09294293	ROSSAL INSURANCE AGENCY Address: LORGAT HOUSE CHITAWIRA P.O BOX 380 BLANTYRE. Tel: 01 878 476/09 952 101
	EQUATORIAL INSURANCE SERVICES Address: BHANA HOUSE BLANTYRE CBO 2nd FLOOR P.O BOX 30791 BLANTYRE 3 Tel: 0888 477 999	RANILA INSURANCE AGENCY Address P.O BOX 330 DEDZA. Tel: 0888 761137/09 95444529
	CHC INSURANCE AGENCY Address P.O BOX X210 LILONGWE. Tel: 0884395611/0999 916098	BEIC&PARTNERS INSURANCE AGENCY Address: P.O BOX 5463 LIMBE. Tel: 01639646/08156750
	HAMAX INSURANCE SERVICES Address: P.O BOX 31315 LILONGWE 3. Tel: 01974633/0999 298567 Email: matemba@yahoo.com
INSURANCE LOSS ADJUSTERS/ASSESSORS
	ASSOCIATED INSURANCE LOSS ADJUSTERS Address: Ndirande on Plot No N2/415 PO Box 51483 Limbe Cell: 0888 876 575/ 0999 168 390	CENTRAL LOSS ADJUSTERS Address P.O Box 1027 Lilongwe Tel: 01761788 Fax:01761788 Mobile:0999 933 384 Email:cla@africa-online.net
	CONCORDE LOSS ADJUSTERS Address: Clausius House PO Box 431 Blantyre Tel: 624 328 Fax: 624 413 Cell: 0888 839 714 Email: concorde@africa-online.net	ND INSURANCE ASSESSORS Address: P.O BOX 1215 Blantyre, Malawi Central Africa Tel: 0888 825 107 Email: neildenga@yahoo.co.uk
	DYNAMIC LOSS ADJUSTERS AND ENGINEERS Address: Hotel Africana Building P.O Box 30953 Lilongwe 3 Tel: 01776677 Cell:0999 954 447 Email:limbani.kalulu@mw.bp.com	FIRST INSURANCE ASSESSORS Address: BHANA HOUSE TOP FLOOR SUITE NO.2 P.O. BOX 3188 BLANTYRE Tel: 01 988 359 Cell: 0888 371 952/0999 958 952 Email:peterkaweta@yahoo.com
	FIDELITY INSURANCE AND LOSS ADJUSTERS Address: P.O Box 380 Blantyre Tel: 01875063/0888 826 462 Fax: 01821895 Email: sbanda@malawi.net	GM INSURANCE ASSESSORS Address: P.O Box 2512 Blantyre Tel: 01822448 Email:gmia@malawi.net
	HAROLDS GROUP Address: Dharap Brothers Building, Sclater Road PO Box 2976 Blantyre Tel: 01 604 445 Cell: 0999 958 105	MIC ASSOCIATES Address: PO Box 30607 Lilongwe Tel: 833 352/0999 924 152 Fax: 725 412
	MULTIPLE LOSS ADJUSTERS Address Top Floor, Central arcade House P.O Box 2169, Lilongwe Tel: 01775817 Fax: 01775816 Cell: 0888 950 971/0999 950 971 Email:andygadama@yahoo.com agadama@sdnp.org.mw	PDCA CONSULTANTS LOSS ASSESSORS Address: Machinjili Area 8 P.O Box 3139 Blantyre
	PRECISION AVIATION & GENERAL ENGINEERING SERVICES Address: Plot No. 15/250 (Area 15) PO Box 1614 Lilongwe Tel: 01920047 Cell: 0888 837 227 Fax: 01 761 372 Email: just@bambino.mw pages@bambino.mw	PTL ASSESSORS Address: CYS 86 Chinyonga PO Box 2416 Blantyre Cell: 0888 843 284/ 0888 853 309
	PD ALLIANCE LOSS ADJUSTERS Address: Phekani House Sir Glyn Jones Road P.O Box 1645 BLANTYRE Cell: 0999 919 661/ 0888 694 805/ 0888 853 278 Tel: 01 821 228	INTERNAL AUDIT AND FRAUD DEFENCE CENTRE Address: P.O BOX 32259, Chichiri, Blantyre 3 Tel: 01 872 539/ 0999 958 678. Email: interauditfraud@governance.mw
	JOY LOSS ADJUSTERS Address: P.O BOX 30033, Chichiri, Blantyre 3 Tel: 0888 302 488.	COMPUTER MAINTENANCE CENTRE Address: P.O BOX 374, Chichiri, Blantyre Tel: 0888 895 442/0888 895 442