Insurance strengthens Zambia’s economy by spreading risk and encouraging long-term investment. If you want to register an insurance company in Zambia, you must tick two distinct boxes: incorporate a company through the Patents and Companies Registration Agency (PACRA) and satisfy all licensing conditions set by the Pensions and Insurance Authority (PIA). This guide walks you through each phase, explains the latest regulatory shifts, and highlights practical tips that keep your launch on schedule and compliant.
1. Legal Framework and Key Regulators
1.1 The Insurance Act
Zambia’s Insurance Act (Chapter 392) sets the ground rules for registration, licensing, and on-going supervision. The 2021 amendment (Act No. 38) tightened governance by:
- Requiring at least 30 % Zambian shareholding in every insurer.
- Introducing micro-insurance provisions.
- Replacing annual licences with “perpetual” licences—renewed only if the PIA finds a breach.
1.2 Supervisory Authorities
| Regulator | Core Responsibilities |
| Pensions and Insurance Authority (PIA) | Licences insurers, enforces solvency and governance standards, protects policyholders. |
| Patents and Companies Registration Agency (PACRA) | Incorporates companies, maintains the companies register, offers a 100 % online filing portal. |
2. Phase 1 – Incorporate Your Company with PACRA
2.1 Reserve a Unique Name
- Run an online name search on PACRA’s e-services portal.
- Reserve the name for 30 days while you prepare documents.
2.2 Choose the Right Entity
Most aspiring insurers form a Private Company Limited by Shares. You need:
- Minimum two directors, with at least half resident in Zambia.
- A qualified company secretary.
- Share capital stated in kwacha (no minimum set by PACRA, but see PIA capital rules later).
A Public Limited Company is another option if you plan to list shares, though compliance costs are higher.
2.3 File Incorporation Documents
Upload a completed Companies Form 3, directors’ consent forms, and the memorandum and articles of association. PACRA typically issues the Certificate of Incorporation within 24 hours of receiving clean documents—an advantage when speed to market matters.
3. Phase 2 – Meet PIA’s Pre-Licensing Benchmarks
3.1 Demonstrate Financial Strength
PIA requires a minimum paid-up capital and an ongoing solvency margin that fits your proposed classes of business. Engage an actuary early to model capital needs; it shortens approval time.
3.2 Prove Competent Governance
- A fit-and-proper board (skills in insurance, risk, finance, and compliance).
- A chief executive and senior managers with proven insurance experience.
- A clear risk-management framework.
3.3 Prepare Core Documentation
Compile:
- A three-year business plan and financial projections.
- A statement of assets and liabilities signed by your external auditor.
- Evidence of internal controls (underwriting, claims, reinsurance, AML/CFT).
4. Phase 3 – Apply to the PIA to Register an Insurance Company
Submit a complete application pack to the PIA Registrar. Pay the non-refundable application fee, then track your file through the PIA’s online portal. If the Registrar sees gaps, you’ll receive written conditions that, once met, reactivate your application without restarting the clock.
5. Phase 4 – Secure and Maintain Your Insurer’s Licence
5.1 Initial Approval
Once registered, request a licence for each class of insurance—life, non-life, or reinsurance. Licences now remain valid indefinitely, but the PIA can suspend or cancel them if you breach solvency ratios, ignore reporting deadlines, or mis-sell products.
5.2 Ongoing Obligations
- File quarterly and annual returns.
- Keep statutory deposits with the Bank of Zambia as directed.
- Notify the PIA before changing shareholding above the 10 % threshold.
6. Phase 5 – Build Your Operating Infrastructure
6.1 Principal Office & Officer
Set up a physical principal office in Zambia and appoint a Principal Officer empowered by board resolution and power of attorney. Notify the PIA of the address—and every change—within 30 days.
6.2 Professional Membership
Under the 2022 Insurance (General) Regulations, underwriters, claims handlers, sales staff, and reinsurance managers must be paid-up members of the Insurance Institute of Zambia (IIZA). Enrolling your team early avoids last-minute delays.
7. Phase 6 – Stay Compliant After Launch
| Compliance Area | Key Actions | Frequency |
| Financial Reporting | Submit audited financials signed by a PIA-approved auditor. | Yearly |
| Solvency & Risk | Maintain capital and solvency margins; file actuarial valuation for life business. | Ongoing |
| Corporate Governance | Disclose authorised, subscribed, and paid-up capital in all public documents. | Continuous |
| Product & Market Conduct | File new products for “no objection” clearance before launch. | As needed |
8. Extra Tips for Competing in Zambia’s Insurance Market
- Pick your niche. Motor and health remain crowded. Consider agriculture or micro-insurance where growth outpaces incumbents.
- Engage NHIMA early. If you plan group health products, align your systems to the National Health Insurance Management Authority’s APIs.
- Leverage technology. Digital policy issuance lowers acquisition costs and helps you reach Zambia’s under-served rural population.
Conclusion
To register an insurance company in Zambia, blend corporate law basics with insurance-specific diligence. Incorporate with PACRA, satisfy PIA’s fitness, prove capital strength, and embed solid governance. By following this roadmap—and partnering with legal, actuarial, and compliance experts—you can launch a sustainable insurer that protects Zambian lives and assets while driving economic growth.
