By JUDITH NAMUTOWE –
THE Pension and Insurance Authority (PIA) is in the process of revising the committee which will be tasked to study the possibility of introducing mandatory fire insurance.
PIA registrar Martin Libinga said the Authority, already had a committee in place consisting of seven members within the industry and the regulatory body.
Mr Libinga said this in reaction to Professional Insurance Corporation (PICZ)’s appeal to Government to consider making fire insurance mandatory.
Last week, PICZ managing director Moses Siame appealed to Government to consider making fire insurance mandatory for commercial entities.
Mr Siame said businesses should be able to show proof that they have fire insurance in place as they get their fire certificates from the council.
“As the regulator, we are going to revise the committee which is already in place. It is a seven-man committee consisting of members from within the industry and ourselves,” Mr Libinga said.
Mr Libinga said the committee would study possibilities and make recommendations to the authority on possible mandatory insurance against fire.
He explained that this insurance may not be at individual level but that it would be targeted at public places such as shopping malls and other entities.
“We want to ensure that public places and shopping malls are properly insured in case they suffer loss of property,” he said.
