Reserve Bank of Malawi

Pensions & Insurance Supervision

About Pensions and Insurance Supervision

Introduction

The Pension and Insurance Supervision (PISU) Department was established on 1st July 2010. The department is responsible for supervising operations of pension and insurance entities.

Vision

To be a recognised regulator of excellence in promoting financial stability and development through effective supervision of pension and insurance sectors.

Mission Statement

To 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 Values

In 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 Objectives

The 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.
To achieve the above objectives, the department has four key result areas namely:
  • Prudential supervision
  • Market conduct supervision
  • Market development
  • Complaints handling and consumer education

Contact Details


Further information or inquiries should be addressed to:

The Director
Pension and Insurance Supervision Department
Reserve Bank of Malawi
P. O. Box 565
Blantyre
Malawi
Tel. No.: (265) 1 820 299/444
Fax No.: (265) 1 832 222
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.

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.

Register of Licensed Entities

General Insurance Companies
  1. Charter Insurance Company Ltd http://www.charter-insurance.mw/
  2. General Alliance Insurance Company Ltd http://www.generalalliancemw.com/
  3. NICO General Insurance Company Ltd http://www.nicomw.com/index.php/companies/nico-general/
  4. Prime Insurance Company Ltd http://www.primeinsurance.mw/
  5. Britam Insurance Company Malawi Ltd http://www.realinsurance.co.mw/
  6. Reunion Insurance Company Ltd http://www.reunioninsurance.net/
  7. United General Insurance Company Ltd http://www.ugimalawi.com/
  8. Co-operatives General Insurance Limited
Life Insurance Companies
  1. NICO Life Insurance Company Ltd http://www.nicomw.com/index.php/companies/nico-life/
  2. Old Mutual Life Assurance Co. MW Ltd http://www.oldmutual.co.mw/
  3. Smile Life Insurance Company Ltd http://www.smilelifeinsurancemw.com/
  4. Vanguard Life Assurance Company Ltd http://www.vanguardlifemw.com/
  5. Co-operatives Life Assurance Limited
Reinsurance Companies
  1. Malawi Reinsurance Company Ltd http://www.malawire.com/index.html/
Insurance Brokers
  1. AON Malawi Ltd http://www.aon.com/malawi/
  2. Budget Insurance services http://www.aon.com/malawi/
  3. Canopy Insurance Brokers Ltd Email: jkateka@canopybrokers.com
  4. City State International Ltd Email: citystate@sdnp.org.mw
  5. GG Insurance Brokers Ltd Email: jchapola@gginsurancebrokers.com
  6. Guardian Insurance Services Ltd Email: gis@malawi.net
  7. Hubertus Clausius (Malawi) Ltd http://www.hubertusmw.com/
  8. Kingfisher Insurance Brokers Ltd http://www.kingfisher.mw/
  9. Mahogany Insurance Brokers Ltd Email: mahogany.mibrol@gmail.com
  10. Marsh Malawi Ltd Email: marshbt@marsh-afrs.co.mw
  11. Microensure Brokers
  12. Rhino Insurance Brokers Ltd Email: rhinoinfo@rhinoinsurancemw.com
  13. Star Insurance Brokers Email: angomaz@starinsurancebroker.com
  14. Trinity Insurance Brokers Ltd Email: trinityinsurance@malawi.net
Agents for Brokers
  1. FDH Bank http://www.fdh.co.mw/
  2. National Bank of Malawi http://natbank.co.mw/
  3. NBS Bank Malawi Ltd http://www.nbsmw.com/
  4. Opportunity Bank Malawi http://www.oibm.mw/
  5. Standard Bank Limited http://www.standardbank.co.mw/
General Insurance Agents
  1. Breakthrough Insurance Agency
  2. Central Insurance Agency Email: graphixsc@yahoo.com
  3. CHC Insurance Agency
  4. Chisangalalo Insurance Agency Email: manzymoyo@ymail.com
  5. Coconut Insurance Agency
  6. Crown Insurance Agency
  7. Direct Insurance Agency Email: directinsuranceagency@yahoo.com
  8. Equatorial Insurance Agency
  9. Future Insurance Agency
  10. Hamax Insurance Agency Email: matemba@yahoo.com
  11. Henliz Insurance Agencies Email: kumwendahenrysmart@yahoo.com
  12. Hope Insurance agency Email: noelmasangwi@gmail.com
  13. Ibex Insurance Agency Email: fhumbalume@gmail.com
  14. Impact Insurance Agency Email: allie.twanje@impactinsurancemw.com
  15. Indetrust Ltd Email: indetrustltd@indetrust.com
  16. LAUDO Insuance Agency Email: laudoinsuserv.yahoo.co.uk
  17. Mc Freed Insurance Agency
  18. Nata Insurance Agency
  19. Orama Insurance Agency
  20. PAGAT United Insurance agency Email: dda@malawi.net
  21. Pamib Insurance Agency Email: soniangosi@gmail.com
  22. Premier Insurance Agency Email: chifundomautanga@yahoo.co.uk
  23. Progressive Insurance Agency
  24. Ranila Insurance Agency
  25. Reliable Insurance agency
  26. Resilient Insurance Agency Email: bmk@kifsmw.com
  27. Roland insurance Agency
  28. Rossal Insurance Agency
  29. Senate Insurance Agency
  30. Specific Insurance Agency
  31. Ultimate Insurance Agency Email: chivungan@gmail.com
  32. Vepro Insurance Agency Email: mnamakhwa@yahoo.com
  33. Vision Insurance Agency
  34. Vepro Insurance Agency Email: mnamakhwa@yahoo.com
  35. Worldwide Network Insurance Agency Email: worldwideinsurance@gmail.com
  36. Thundu Insurance Agency