Insurance Institute of Zambia
Insurance, The Silent Pillar, The Peace of Mind
The President's Report - 2nd AGM 2009
TABLE OF CONTENTS
The Governing Council Members
Preamble
Activities
I. SET-UP SUB-COMMITTEE
II. ACTIVITIES UNDERTAKEN
1. HOLDING SEMINARS, WORKSHOPS AND PUBLIC DISCUSSION AND COCKTAIL
a. Distribution Channels in insurance seminar
b. End of Year Party 2007
c. Public Discussion - Theme “Separation of General Insurance and Long Term Insurance Business-Implications and Challenges”.
d. Official Launch Professional Designations Cocktail
2. Publication of the Institute
a. Journal “ Insurance Magazine
b. Website: www.freewebs.com/iiza
III. LOCAL INSTITUTE REVIVAL
IV. CONSTITUTIONAL REVIEW
V. LOCALISED INSURANCE COURSE STRUCTURE
VI. REPRESENTATION - TECHNICAL COMMIITTEE OF PIA BOARD
VII. PROFESSIONAL DESIGNATION STATUS
VIII. AFFLIATION WITH THE CHARTERED INSURANCE INSTITUTE (CII)
IX. FUTURE CHALLENGES
X. CONCLUSION & ACKNOWLEDGEMENTS
The Governing Council
President - Mr Justine Kabwe, Dip CII, MSTI, DIS, ASI, ACII, FIIZA, FCII,
Chartered Insurer
Vice President - Mr Captain Phiri, Dip CII, DIS, ACII, FIIZA
Chartered Insurer
Honorary Secretary - Fackson Ngulube, Dip CII, DIS, ACII, FIIZA
Chartered Insurer
Vice Honorary Secretary - Maureen Besa, DIS
Honorary Treasurer - Benny Sakala, Dip CII, DIS, ACII
Chartered Insurer
Vice Honorary Treasurer - Marina Hall-Moseni, DIS, BA.Ed, DIS
Executive Committee Member - Yona Shimishi, DIS, AIIZA
Executive Committee Member - Simomo Sebastian Akapelwa Bsc, ACII, FIIZA
Executive Committee Member - Monica Mwewa, DIS
Executive Committee Member - Timothy Kapampa Chilufya, MBA
National Trustee - Lawrence S Sikutwa MBA, FIIZA, FCII
Chartered Insurer
Patron - Dr Caleb M Fundanga
Bank of Zambia –Governor
The Governing Council
Distinguished Members present
I wish to welcome you all to this 2nd Annual General Meeting which is an important event in the calendar of the Insurance institute of Zambia (IIZA).
Preamble
The report I am presenting today outlines the activities that the Governing Council (GC) undertook since its election on 31st march 2006 at a
Special General Meetings which was held at Mulungushi International Conference Centre, in the evening the same day, a cock tail was held to officially
launch the institute by the then Minister of Works and Supply, Honourable, Kapembwa Simbao, MP.
Immediately after election the Governing Council which is the supreme body of the Institute got down to business, held its 1st Meeting at Kabwe Lodge
in Kabwe whose Agenda amongst which were:
1. To Set sub-committee which are management committees
2. Revival of Local Insurance Institutes; Insurance Institute of the Copperbelt Ndola(IIC), Insurance Institute of Lusaka (IIL) and set up the
Insurance Institute of Livingstone (IILV)
3. Continued sensitisation to all practitioners benefits of belonging to the Institute which is a professional body
4. Draw up a membership recruitment drive.
I. SUB-COMMITTEE APPOINTED
The following were set-up and members appointed Chaired by GC Members as required by the Constitution:
a) Disciplinary Committee
Chaired by the Vice-President, Mr Captain Phiri members were:
Mr Frank Ng’uni - African Life Assurance
Mr Kennedy Siamuwele - ZSIC Life Company Limited
Mr Misheck Mwanza - NICO Zambia
b) Finance & administration committee
Chaired by the Honorary Treasurer, Mr Benny Sakala embers were;
Mr Masinja Mizinga - ZSIC General Insurance Company Limited
Mr John Mwango - Leadway Insurance Brokers
Mr Mwansa Loma - Cavmont Insurance Company
Mrs Brenda Chondo - Executive Director Dabreco Limited
c) Membership & Recruitment Committee
Chaired by the Honorary secretary, Mr Fackson Ngulube, the committee was further split into three regions, Northern, Lusaka and
southern regions, members were;
Northern Region
Mr Yona Shimishi (Co-Chairman)- Goldman Insurance Company Limited
Mr Amos Kakungu - Madison Life
Mr Agrippa Ilunga - ZSIC General insurance
Mr Mwala Lutangu - Kafue Insurance Brokers
Mr Stanely Muntanga - African Life assurance
Mr Webster Twaambo - Professional Insurance Company Limited
Ms Mwiinde Mbaale - ZSIC Life Ccompany
Lusaka Region
Mr Joel Phiri - professional Insurance Company limited
Ms Jacquiline Hampako - Madison Life assurance company Limited
Southern region
Ms Monica Mwewa - ZSIC general Insurance
Ms Mary Sibeso Lubasi - Norwich Insurance Brokers
Mr Martyn Mashombotwa -
Mr Robert Wandila - ESU Insurance Brokers
Mr Chris Mapipo (jr) - Madison General Insurance
d) Education, Training & Continuous development Committee
Chaired by Mr Timothy Kapampa Chilufya, Executive Committee, members were;
Mr Gilbert Sikazwe - ZSIC general insurance
Mr Gwebente Mudenda - ZICAS
Mr Sam Sichela - Budget Insurance Brokers
Mr Zaba Shoko - AON Zambia
Mr Munyima Pelekelo - NICO Zambia (formerly)
e) Publications & Public Relations Committee
Chaired by Mrs Maureen Besa, Goldman Insurance with members;
Mr Godfrey Ngosa - Blue Life Assurance
Mr Jimmy Mashinkila - ZSIC Life Company
Mrs Jacqueline Katoto - Konkola Copper Mines
Ms Sherrine Masopelo - Zambia National Broadcasting Corporation
f) Benevolent Committee
Chaired by Mrs Marina Hall-Moseni, Prima Reinsurance Company
g) Legal Framework & Technical Committee
Chaired by the President, Mr Justine Kabwe, ZSIC Life Company and members were;
Mr Stephen Paul Williams - African Life Assurance
Mr Mr Charles Nakhoze -
Mr Simomo Sebastian Akapelwa - Elite Insurance Brokers
Mr Chabala Lumbwe - Madison General Insurance
Mr Robert Sichilimba - Zimre
Mr Charles Chimamu - Cavmont Insurance (formerly)
Mr Steven Chizinga - Independent Loss Adjustors
Mrs Misettie Zimba - Pool Insurance Agency
Ms Dorothy Mwalimu - Alexander Forbes
h) Trustee
Mr Lawrence S Sikutwa - Lawrence Sikutwa Associates (LSA) Group
i) The Patron
Dr Caleb Fundanga - Bank of Zambia Governor
II. ACTIVITIES UNDERTAKEN
As per the constitution the GC was to be meeting quarterly and as and when the need arose.
Continue liaising with insurance and Pensions industry key stakeholders, the Insurers Association of Zambia (IAZ),
Insurance Brokers Association of Zambia(IBAZ), Zambia Association of Pensions Fund Managers(ZAPFM),
Zambia Insurance Business College Trust (ZIBCT) and the Regulator –Pensions and Insurance Authority (PIA).
In order to engage all practitioners in the industry, a National indaba was convened in Kabwe at Kabwe Lodge on 12th June 2006,
the following resolutions were adopted;
1. To undertake Fund-raising ventures such as, seminars, workshops, public discussion and cocktails;
a. Distribution Channels in insurance seminar
This was held in Ndola at Starscape between 18th – 22nd September 2006, the IBAZ President (former)
Mr Simomo S Akapelwa delivered a Keynote Speech and Certificate Award Ceremony was officiated by
Mr Chris Mapipo –Registrar of Pensions Anad Insurance. Arising from this the Institute was accredited by PIA
to be conducting 10 days Sales Agents Training to satisfy regulatory requirement.
b. End of Year Party was held on 31st December 2007 at Hotel Edingburgh and was officiated by the
Copperbelt Minister, Honourable Mwansa Mbulakulima, MP.
c. Public Discussion was held under the Theme “Separation of General Insurance and Long Term Insurance
Business-Implications and Challenges”.
Mr Lawrence S Sikutwa FIIZA, FCII, MBA, Chartered Insurer, Group Chairman, Lawrence Sikutwa & Associate,
Group of companies.
Mrs Tiziana Grey, LLB, AHCZ Assistant Manager –Legal Professional Insurance Corporation Limited
Mr Nicholas Mbuya, Senior Inspector of Insurance, PIA
Moderator was Mr James A D Lungu, General Manager, Blue Life Assurance.
d) Official Launch –Professional Designations Cocktail
This was held in Ndola at Savoy Hotel and was officiated by the registrar of Pensions and Insurance.
Attendance was excellent with almost and very encouraging.
2. Publication of the Institute Journal “ Insurance Magazine”,
In order to disseminate information to members and the public on the activities of the Institute, Mr Ngosa was appointed Editor,
of the Journal to be published on a quarterly basis with the last one being the 4Th issue, First Quarter 2008. However, the publisher
Langmead discontinued the publications due to business diversification.
Discussions are in process with Chophira Enterprise Trading current, publishers of Zambia Institute of Marketing Journal.
A website was developed in 2006 with view to spread information about the activities of the institute, at the moment it is a free website
designed by the Institute and hosted by webs (formerly freewebs); www.freewebs.com/iiza arrangements are being made to upgrade
it to own domain so that the address will be www.iiza.com as soon as payment is made to webs. The website has received 1160 visitors
as per the IIZA Counter and this has lead to receiving application for professional Designations from Hong Kong, Botswana and other countries.
I urge all practitioners to visit and leave comments on the site with the view to dialogue and share ideas, inclusive students pursuing
insurance courses both locally and abroad.
III. LOCAL INSTITUTE REVIVAL
The Governing Council took cognisance of the fact that local Institute should be revived to enable practitioners participate at local level in
turn winning their commitment to support actively the IIZA. These were Insurance Institute of Kitwe(IIK), Insurance Institute of Ndola (IIN)
and Insurance Institute of Lusaka (IIL).
However, the above was hampered by transfers of members by their respective employers to which the Institute has no control. A programme
was developed and Insurance IIN was going to be the first one to be revived, a meeting was convened on 3rd august 2007 at Starscape Restaurant
in Ndola, at which all Senior Managers based in the Northern region in various insurance and broking firms were invited. Two Revival Committees
were set up at the same meeting:
Insurance Institute of Kitwe - Revival Committee
Chaired by Mr Kelvin Mwale - Branch Manager –Madison General Insurance Kitwe
Members were, Mrs Yvonne M Chilumbu, Branch manager Elite Insurance Brokers Kitwe, Mr Stanely Muntanga,
Regional Manager- African Life Assurance, Kitwe;
Insurance Institute of Ndola –Revival Committee
Chaired by Mr Moses Siame, Branch Manager Professional Insurance Corporation Ndola
Members were Mrs Cornelia Mwansa, Branch Manager, Elite Insurance Brokers Ndola and Mr Jospeh B Nyirenda, Regional Manager,
Madison General Insurance Ndola.
Terms of Reference were:
1. To coordinate all activities leading to:
a. the hold Election of Office bearers on 31st August 2007 starting 14:00 hours
b. official launch on the same day at Hotel Edinburgh in Kitwe starting 18:00 hours;
2. To do everything possible to raise funds that will finance this historical event.
3. To sensitize all practitioners so that they became paid up members of the Insurance Institute of Zambia: in the Kitwe, Mufulira,
Chingola, Chililabombwe, Mansa and Solwezi with the view to win their support and participate in the activities above;
4. Only paid up members were to be allowed to vote at the election to be conducted by the Governing Council of IIZA.
5. To do anything necessary that would lead to the successful launch of the Insurance Institute of Ndola and
Insurance Institute of Kitwe, which wwould be under the umbrella of the Insurance Institute of Zambia.
Despite all the above preparations the revival was deferred due to the inactivity of members at local level.
IV, CONSTITUTIONAL REVIEW
The industry was undergoing through rapid changes and the institute needed to review the Constitution in line with developments,
reference material was collected from Insurance Institute of South Africa (IISA) South Africa Insurance Association (SAIA),
Insurance Institute of India(III) through the Trustee, Mr Lawrence S Sikutwa.
Arising from the above a Draft Bill was prepared by the Legal Framework & Technical Committee and was circulated to the industry
for comment, this was going to transform IIZA into a statutory Regulatory Body of all insurance and Pensions practitioners. Everyone was
to be licensed on an Annual basis before allowed to practice. The PIA offered assistance by seconding Mrs Thresha, former legal Counsel of
PIA with the view to harmonise with the Insurance ACT 1997 (amended 2005) and the Pensions Scheme Regulatory Act 1996 (amended 2005).
Once the Bill was finalised it was to be presented to PIA for onward presentation to Parliament.
After consultations and taking a leaf from world Premier Professional bodies like the Chartered Insurance Institute (CII), Association of Chartered
certified Accountants (ACCA), Chartered Institute of Marketing (CIM), Insurance Institute of South Africa (IISA) to name but a few, there are not
regulatory bodies. Even the Government through the then Minister of Finance, discouraged professional bodies from running to the Government
for statutory status, unless in an extreme circumstance.
Professionals must be able to run their affairs in line with the code of ethics in order to respond quickly to dynamic and challenging business
environment. The process was discontinued for further consultations.
V. LOCALISED INSURANCE COURSE STRUCTURE
The Institute has continued enjoying good working relationship with all the key stakeholders as mentioned above, a Technical Committee was
constituted representing the above mentioned bodies to develop the structure. This was in response to the withdrawal of moderation of Examinations
questions and marked papers by the Chartered Insurance Institute (CII) in London. This structure was endorsed by the PIA.
The institute was consulted on the setting up of Local Insurance Examination Moderation which is a Committee of prominent Professionals,
Academicians and experts.
VI. REPRESENTATION - TECHNICAL COMMIITTEE OF PIA BOARD
The institute being a professional body is well placed to contribute effectively advise on technical insurance matters as well as regulatory issues
relating to insurance and pensions, in this regard an invitation from the Chairman the PIA Board, Mr Smart Phiri was received for the Institute to
nominate a person to sit at this Committee. The Honorary Secretary Mr Fackson Ngulube was nominated and currently sits on the Committee.
VII. PROFESSIONAL DESIGNATION STATUS
Worldwide, membership to a professional body brings with it a host of benefits to assist in professional development, whether studying towards
a qualification or helping one to just maintain competence. Members of professional body have a crucial role in raising standards in an increasingly
complex and competitive market and customer service.
Managements in insurance entities have witnessed increased demand for Service Level Agreement from clients, most of the times they request for
Company profiles and that of Senior Managements. To strengthen, this, the Institute developed a Job Profile and Competence Framework in
consultation with the Technical Education, Vocational and Entrepreneurship Training Authority (TEVETA), to achieve the following:
- Provide an externally benchmarked tool for insurance professionals and employers.
- support internal company specific models
- Promote both personal development and professional standard
- Contribute to the delivery of improved customer service.
- conduct skills analysis
- What learning methods are preferred
- What current skills need to be enhanced?
TEVETA approved and advised the institute to go ahead with the conferment based on the current Legal status under the Societies Rules section 7 (1)
of the Societies Act Cap 119 and maybe in future lobby for an Act of Parliament.
In view of the above, the institute would be conferring professional designation status in the evening at the same Venue where Certificates to
deserving candidates awarded as follows:
o Fellow of the insurance institute of Zambia (FIIZA)
o Associate of the Insurance Institute of Zambia (AIIZA)
o Ordinary member of the insurance Institute of Zambia (MIIZA)
o Student Member of the Insurance Institute of Zambia (SIIZA)
The recipients for AIIZA and FIIZA have attended insurance courses and have passed examination either locally through the Zambia Insurance
Business College Trust (ZIBCT) or internationally with the Chartered Insurance Institute (CII) London.
MIIZA, these are practicing insurance or pensions business or hold a Certificate in Insurance or Pensions, whilst SIIZA these are pursuing
insurance studies either locally or internationally and not practicing.
The objective is to raise the standard of professionalism, confidence and profile of insurance practitioners which is more vital to the
insurance industry, employers and the insuring public. Above all it will enhance their contribution to the industry through compulsory
Continuous Professional development (CPD) and the national economy.
Individual applications were received and processed for eligibility and I am proud to report that 80 candidates will be conferred:
|
CATEGORY |
NUMBER CONFERRED |
|
SIIZA |
0 |
|
MIIZA |
28 |
|
AIIZA |
37 |
|
FIIZA |
15 |
|
TOTAL |
80 |
VIII. AFFLIATION WITH THE CHARTERED INSURANCE INSTITUTE (CII)
The application was submitted in May 2005 immediately after the institute’s inauguration because the requirement for affiliation is that
once, new institute is formed there has to be a period of two to three years, when it proves to be viable.
The purposes of affiliation as set out by CII Management Committee are:
- To provide an opportunity for a regular exchange of views and information on matters of common interest;
- To offer assistance , particularly in matters relating to insurance education and training;
- To establish a mechanism for the recognition of qualifications for the purposes of accreditation, exemption or dispensations
from examination;
- To provide training opportunities, particularly for young students;
- To encourage the publication of Technical and other articles in each other’s Journals;
- To encourage participation by one institute in the activities of another e,g the presentation of papers at an Annual Conference.
On CII records the following were affiliated local institutes; Insurance Institute of Lusaka (IIL) from 1964, Insurance Institute of the Copperbelt,
renamed Insurance Institute of Ndola (IIN) from 1968 and the Insurance Institute of Kitwe (IIK) from 1992 following an application made in 1991.
IIZA was recognised as a new overarching Institute i.e National Institute. They even advised that the Institute could incorporate Corporate
Membership, like the way other institutes do.
The Institute’s applications was included as an Agenda issue as per the CII Notice of AGM circulated worldwide in the June 2007 CII Journal,
item number 4 and I am pleased to inform this meeting that the affiliation was approved effective 3rd August 2007.
IX. FUTURE CHALLENGES
The above successes did not come about without challenges, amongst which are:
1. Membership Recruitment
The institute needs to come up with a consistent and robust membership recruitment drive. The industry had 1017 insurance employees
(PIA:2006) 1006 were Zambians and 11 non-Zambian employees. The institute has 450 members which accounts for 44% and this figure
excludes Sales representatives usually employed by life offices on the basis that they are independent contractors.
But this does not preclude them from being members and apply for professional membership. Most of the times even these practitioners
are not proud of the job and the power it has. There are four main elements implicit in a profession:
i) the profession should be socially useful and sufficiently noble in purpose to inspire the practitioner to make it their life’s work;
ii) it must be socially useful and ethical in purpose to do allow them dotheir life’s work;
iii) A selfish, commercial view is abandoned by the practitioners, the client or patient, whatever he is called, comes first;
iv) the individual should possess a spirit of loyalty to his fellows in the field. He belongs to a Professional Association,
and appreciates that what one practitioner does reflects on all.
2. Constitution Review -IIZA
This will need to be looked at critically.
3. Full Time Secretariat
Administrative work has continued to increase as the membership grows to the extend that a need for a setting up a full-time
Secretariat is evident. A budget would be presented by the Treasurer.
X. CONCLUSION
I would like to thank the Registrar of Pensions and Insurance, Mr Chris Mapipo, his Deputies, Mr Martin Libinga and Mr Muyoya Chibiya,
Insurance and Pensions, respectively, for their wise Counsel and support from the very time the institute started.
Gratitude goes to the previous Presidents of IAZ and the incumbent Mr Victor Munalula for their continued support, the President of IBAZ,
Mr Geoffrey Sakulanda for his inspirational encouragements and the Director of ZIBCT, Mr Juulu G Simuule, very resourceful, and all the
members of the Institute for their continued confidence in the Institute.
It is because of this co-ordination, and enthusiasm to take insurance professionalism to another level that has made the institute to
grow from strength to strength, with the view to attain full self regulation.
Thank you and I table the report for discussion and adoption.
Justine Kabwe Dip CII, MSTI, DIS, ASI, ACII, FIIZA, FCII
Chartered Insurer
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