The Ministry of Finance and Development Planning’s PS Solomon Sikwakwa has urged insurance providers to bridge the gap between the local industry and their international counterparts. He said this at the recently held Insurance Institute workshop that saw almost all insurance providers in the country coming together under one roof. Sikwakwa said that he was aware of the risks in the industry but insisted that was important that soundness in the industry be achieved. “Let us work like a hand and a glove in order to allow the industry to function in a very healthy environment,” he said. Sikwakwa urged the industry to leverage on technology so as to offer the best to clients.
NBIFIRA Director of Retirement Funds Abisha Ndoro said that the retirement industry has grown significantly especially in the past 16 years, with the sector now commanding assets of close to P70 billion. He said as a result of this significant development there was need to assess governance of the sector in the management of retirement funds, hence the new Act. “It was made in August 2014, but still awaiting a commencement honour and that will happen soon,” he said. Ndoro said governance is very important as they are looking at trust funds. He said no retirement fund shall operate without the license of the authoritative body.