THE Insurers Association of Zambia has approved a budget of KR 1.3 million for the execution of the various activities including raising insurance awareness among the masses.

The association has also adopted new constitutions which are aimed at making the association more vibrant and relevant to its members and the Zambian insuring public.

Insurers Association of Zambia president Shipango Muteto announced the interim budget of KR 1.3 million in a statement released in Lusaka yesterday.

Mr Muteto said the revived association would also help in ensuring that the penetration levels of insurance in the country which currently stood at below two per cent were improved.

"Zambia's growing economy needs to be supported by a vibrant insurance sector, the members of the association need to be commended for this progressive step that they have taken, in adopting a constitution that will support the growth of the Insurance industry in the country" Mr Muteto said..

The adaptation of the constitution was done at an extra-ordinary general meeting held on January 12, 2013 in Lusaka.

The new constitution provides for the setting up of a permanent Secretariat for the association, thereby giving members and the Zambian insuring public a base where their concerns could be heard and relevant action taken.

At the same meeting, a new code of conduct was also adopted, to ensure that all members abide by very high standards, to afford the buyers of Insurance a quality service.

According to the new constitution, the association will now be run by an elected seven member board from amongst the chief executive officers of Insurance companies.

The Insurers Association of Zambia is a member organisation for all Insurance companies in the country. It is registered under the Societies Act, Cap.119.