Pensions & Insurance Supervision
About Pensions and Insurance Supervision
IntroductionThe Pension and Insurance Supervision (PISU) Department was established on 1st July 2010. The department is responsible for supervising operations of pension and insurance entities.
VisionTo be a recognised regulator of excellence in promoting financial stability and development through effective supervision of pension and insurance sectors.
Mission StatementTo foster the development and existance of the fair, safe and stable pension and insurance sectors in Malawi by supervising and regulating pension and insurance entities through a dedicated team of examiners in order to instil public confidence in the financial system.
Core ValuesIn pursuance of the aforementioned mission, the department seeks to perform its work with transparency, integrity, professionalism, innovation, teamwork and efficieny without compromising its authority or mandate.
Strategic ObjectivesThe Department has the following core strategic objectives:
- To promote safety and soundness of pension and insurance entities.
- To empower and protect pension and insurance consumers by providing complaint redress mechanism, promoting fair market conduct and raising consumer awareness.
- To facilitate development of pension and insurance sectors in line with the Financial Sector Development Strategy.
- Prudential supervision
- Market conduct supervision
- Market development
- Complaints handling and consumer education
Further information or inquiries should be addressed to:
Pension and Insurance Supervision Department
Reserve Bank of Malawi
P. O. Box 565
Tel. No.: (265) 1 820 299/444
Fax No.: (265) 1 832 222
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.
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.
Supervision of Pensions
The Pension Act provides the primary legislative framework for regulation and supervision of the pension industry in Malawi. The main purpose of regulating and supervising the pension industry is to ensure that trustees and service providers act in the best interest of pension members, and that pension funds are operated in a safe, sound and viable manner in order to achieve the objective of providing retirement savings. Ultimately, this will help to develop and maintain public confidence in the mandatory pension scheme as well as providing social and financial security in retirement. At the aggregate level, the accumulation of savings through pension funds contributes significantly towards capital formation critical to creation of investments. If properly channeled the investments may positively contribute to economic growth.
|Report Title||Date Uploaded|
|Financial Institutions Supervision Annual Report 2018||Sep 06, 2019|
|Financial Institutions Supervision Annual Report 2016||Oct 02, 2017|
|Financial Institutions Supervision Annual Report 2015||Nov 11, 2016|
|Financial Institutions Supervision Annual Report 2014||Sep 09, 2015|
|FINANCIAL SECTOR SUPERVISION ANNUAL REPORT 2013||Oct 28, 2014|
|Pension and Insurance Annual Report 2012||Nov 01, 2013|
|Pension and Insurance Annual Report 2011||Jan 30, 2013|
List of Licensed Insurance Entities
|Press Release - List of Licensed Insurance Entities||May 06, 2016|
|Press Release||Apr 13, 2011|
Register of Licensed Entities
General Insurance Companies
- Charter Insurance Company Ltd http://www.charter-insurance.mw/
- General Alliance Insurance Company Ltd http://www.generalalliancemw.com/
- NICO General Insurance Company Ltd http://www.nicomw.com/index.php/companies/nico-general/
- Prime Insurance Company Ltd http://www.primeinsurance.mw/
- Britam Insurance Company Malawi Ltd http://www.realinsurance.co.mw/
- Reunion Insurance Company Ltd http://www.reunioninsurance.net/
- United General Insurance Company Ltd http://www.ugimalawi.com/
- Co-operatives General Insurance Limited
Life Insurance Companies
- NICO Life Insurance Company Ltd http://www.nicomw.com/index.php/companies/nico-life/
- Old Mutual Life Assurance Co. MW Ltd http://www.oldmutual.co.mw/
- Smile Life Insurance Company Ltd http://www.smilelifeinsurancemw.com/
- Vanguard Life Assurance Company Ltd http://www.vanguardlifemw.com/
- Co-operatives Life Assurance Limited
- Malawi Reinsurance Company Ltd http://www.malawire.com/index.html/
- AON Malawi Ltd http://www.aon.com/malawi/
- Budget Insurance services http://www.aon.com/malawi/
- Canopy Insurance Brokers Ltd Email: firstname.lastname@example.org
- City State International Ltd Email: email@example.com
- GG Insurance Brokers Ltd Email: firstname.lastname@example.org
- Guardian Insurance Services Ltd Email: email@example.com
- Hubertus Clausius (Malawi) Ltd http://www.hubertusmw.com/
- Kingfisher Insurance Brokers Ltd http://www.kingfisher.mw/
- Mahogany Insurance Brokers Ltd Email: firstname.lastname@example.org
- Marsh Malawi Ltd Email: email@example.com
- Microensure Brokers
- Rhino Insurance Brokers Ltd Email: firstname.lastname@example.org
- Star Insurance Brokers Email: email@example.com
- Trinity Insurance Brokers Ltd Email: firstname.lastname@example.org
Agents for Brokers
General Insurance Agents
- Breakthrough Insurance Agency
- Central Insurance Agency Email: email@example.com
- CHC Insurance Agency
- Chisangalalo Insurance Agency Email: firstname.lastname@example.org
- Coconut Insurance Agency
- Crown Insurance Agency
- Direct Insurance Agency Email: email@example.com
- Equatorial Insurance Agency
- Future Insurance Agency
- Hamax Insurance Agency Email: firstname.lastname@example.org
- Henliz Insurance Agencies Email: email@example.com
- Hope Insurance agency Email: firstname.lastname@example.org
- Ibex Insurance Agency Email: email@example.com
- Impact Insurance Agency Email: firstname.lastname@example.org
- Indetrust Ltd Email: email@example.com
- LAUDO Insuance Agency Email: laudoinsuserv.yahoo.co.uk
- Mc Freed Insurance Agency
- Nata Insurance Agency
- Orama Insurance Agency
- PAGAT United Insurance agency Email: firstname.lastname@example.org
- Pamib Insurance Agency Email: email@example.com
- Premier Insurance Agency Email: firstname.lastname@example.org
- Progressive Insurance Agency
- Ranila Insurance Agency
- Reliable Insurance agency
- Resilient Insurance Agency Email: email@example.com
- Roland insurance Agency
- Rossal Insurance Agency
- Senate Insurance Agency
- Specific Insurance Agency
- Ultimate Insurance Agency Email: firstname.lastname@example.org
- Vepro Insurance Agency Email: email@example.com
- Vision Insurance Agency
- Vepro Insurance Agency Email: firstname.lastname@example.org
- Worldwide Network Insurance Agency Email: email@example.com
- Thundu Insurance Agency