Insurance Institute of Zambia -Draft Bill 2012

THE INSURANCE INSTITUTE OF ZAMBIA

DRAFT BILL 2010

The Insurance Institute of Zambia Bill 2010

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Memorandum

The objects of this Bill are to –

(a)            Regulate the persons engaged or employed in work connected with insurance, subject to such further provision as may made in Council regulations.

(b) Co-ordinate the insurance practitioners or those engaged in work connected with insurance profession to ensure the facilitation of, access to, and mobility within, the profession;

(c) Establish the Insurance Institute of Zambia;

(d)            Define the functions and powers of the Institute;

(e)            Constitute the Council of the Insurance Institute of Zambia and define its functions;

(f)             Ensure appropriate standards for education and training of insurance or those engaged in work connected with insurance profession;

(g)            Provide for the setting of Code of Ethics and Conduct;

(h)            Define professional misconduct and provide for disciplinary procedures for insurance practitioners and connected profession;

(i)             Provide for matters connected with or incidental to the forgoing.

THE INSURANCE INSTITUTE OF ZAMBIA ACT

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY

Section

1.             Short title and commencement

2.             Interpretation

PART II

THE INSURANCE INSTITUTE OF ZAMBIA

3.             Establishment of Institute

4.             Seal of Institute

5.             Functions of Institute

6.             Constitution of Institute

7.             Prohibition of publication or disclosure of information to unauthorised persons

8.             Council of the Institute

9.             Functions of the Council

10.           Tenure of Office

11.           Meetings of the Institute

12.           Committees of the Council

13.           Remunerations and Allowances

14.           Honorary Secretary (Chief Executive Officer)

15.           Disclosure of Interest

16.           Immunity of the President….

17.           Funds of the institute…

18.           Accounts, annual reports

PART III:

19.           Membership, registration and Practicing certificates

20.           Qualifications for Registration

21.           Disqualifications from registration

22.           Practicing and membership certificate

PART IV:

23.           Discipline

24.           Rules by the Chief Justice

PART V:

25.           General Provision

A BILL ENTITLED

An Act to regulate persons engaged or employed in work connected with insurance; to co-ordinate the practice of insurance and connected professions; to ensure the facilitation of access to, and mobility within, the profession; to establish the Insurance Institute of Zambia; to define the functions and powers of the Institute; to constitute the Council of the Insurance Institute of Zambia and define its functions; to ensure appropriate standards for education and training of insurance practitioners and connected professions; to provide for the setting of Code of Ethics and Conduct; to define professional misconduct and provide for disciplinary procedures for the insurance and connected profession; to amend the Insurance Act 1997, Pensions Act 1996 and; to provide for matters connected with or incidental to the forgoing.

ENACTED by the Parliament of Zambia.

PART I

PRELIMINARY

1. This Act may be cited as the Insurance Institute of Zambia Act, 2010 and shall come into operation on such date as the Minister shall, by statutory instrument, appoint.

INTEPRETATIONS

2. In this Act, unless the context otherwise requires–

Chartered Insurer” means a person so elected, who have completed a period of not less than five years of approved professional experience in insurance and was so elected initially as an Associate or Fellow of the Chartered Insurance Institute, subject to Council regulations as to application for and maintenance of the description; and they are officers or employees of insurance organizations which underwrite the insurance risks;

and “insurer” shall be construed accordingly;

Chartered Broker” means a person so elected, who have completed a period of not less than five years of approved professional experience in insurance and was so elected initially as an Associate or Fellow of the Chartered Insurance Institute, subject to Council regulations as to application for and maintenance of the description; and those carrying on business as insurance brokers.

and “Broker ” shall be construed accordingly

Chartered Insurance Practitioner” means a person so elected, who have completed a period of not less than five years of approved professional experience in insurance and was so elected initially as an Associate or Fellow of the Chartered Insurance Institute, subject to Council regulations as to application for and maintenance of the description; and those employed or engaged in insurance related  business.

Enactment Short title And commencement Interpretation

Actuary” means the person was so elected initially as an Associate or Fellow of the Society of Actuaries or faculty of Actuaries or any other recognized body and approved by the Council and maintenance of the description qualified as such;

Loss Adjustor” means the person was so elected initially as an Associate or Fellow of the Chartered Institute of Loss Adjustors or any other recognized body and approved by the Council and maintenance of the description qualified as such;

Chairperson” means the person elected Chairperson of the Disciplinary Committee under section forty-four;

Constitution” means the constitution of the Institute adopted in accordance with section six;

Governing Council” means the Council of the Insurance Institute of Zambia constituted under section seventeen;

Council Member” means a member of the Governing Council;

Honorary member” means a person upon whom honorary membership of the Institute has been conferred in accordance with subsection (2) of section twenty-seven;

“immigration officer” has the meaning ascribed to it under the Immigration and Deportation Act;

“Institute” means the Insurance Institute of Zambia established by section three;

Member” means a member of the Institute and includes an honorary member;

“insurance connected profession ” means any profession determined by the Governing Council as connected in practice or otherwise with insurance

“practicing certificate” means a practicing certificate issued in accordance with section thirty-four;

“practice” means – accepting an appointment to work in an insurance organization or Pension Fund Management, broking firm or insurance agent, Loss assessors, Loss Adjustors, Loss Assessor, Motor Assessor or in a training institution that offers insurance or related courses, either public or private institutions.

“President” means the person elected President of the Institute under section seventeen;

“Professional body” means a body of, or representing insurance practitioners and connected professionals;

“Professional misconduct” shall be construed in accordance with section forty-three;

“Register” means the Register of Chartered Insurers, Chartered Insurance Practitioners, Chartered Brokers in Zambia or the Register of Members, as the case may be, prepared and maintained in accordance with section twenty-eight;

“Honorary Secretary” means the person elected as such to the Institute under section eight;

“Statutory regulator” in relation to an entity regulated by law, means the regulator established in respect of the entity by or under that law;

“Vice President” means the person elected Deputy -President of the Institute under section eight.

“Honorary Treasurer” means the person elected as such to the Institute under section eight;

“Vice Honorary Treasurer” means the person elected as such to the Institute under section eight

Committee Member” means the person elected as such to the Institute under section eight;

“Local Institute means a referred to in section twenty-nine of the constitution

PART II

3.         ESTABLISHMENT OF THE INSTITUTE

There is hereby established the Insurance Institute of Zambia which shall be a body corporate with perpetual succession and a common seal, capable of suing and of being sued in its corporate name, and with power, subject to the provisions of this Act, to do all such acts and things as a body corporate may by law do or perform.

4.         THE SEAL OF THE INSTITUTE

(1) The seal of the Institute shall be such device as may be determined by the Council and shall be kept by the Honorary Secretary.

(2)           The affixing of the seal shall be authenticated by the President or the Vice President, and the Honorary Secretary, or one other person authorised in that behalf by a resolution of the Council.

(3)            Any contract or instrument which, if entered into or executed by a person not being a body corporate, would not require to be under seal may be entered into or executed without seal on behalf of the Institute by the Secretary or any other person generally or specifically authorised in that behalf by the Institute.

(4)            Any document purporting to be under the seal of the Institute or issued on behalf of the Institute shall be received in evidence and shall be deemed to be so executed or issued, as the case may be, without further proof, unless the contrary is proved.

5.         FUNCTIONS OF THE INSTITUTE

(1)            The functions of the Institute shall be to do all such acts and things as are necessary to foster the advancement of the insurance and connected profession.

(2)            Without prejudice to the generality of subsection (1), the Institute object shall be:

(a)            To represent, co-ordinate and develop the insurance and connected profession and promote its interests;

(b) To promote appropriate standards of qualification in the profession;

(c) To promote  efficiency and improvement in the practice of insurance and its connected professions among persons engaged or employed in that activity;

(d) To secure and justify the confidence of the public and employers by the conduct of reliable tests of the competence of persons engaged or employed insurance;

(e) To promote and assist the study of any subjects bearing on any branch of insurance;

(f) To collect and form a body of expert opinion on the law and practice relating to all things connected with insurance;

(g) To provide information and advise about employment in insurance for members and others;

(h) To exercise supervision and control over the professional standards and conduct of members. To seek to improve the professional status of Fellows and Associates and to promote the interest, welfare and advancement of the members in general;

(i) To provide a forum where Members may formally share their knowledge and expertise in the furtherance of the education and training of practitioners;

(j) To provide a forum where professional bodies may interact

in furthering the interests of the insurance and connected profession in accordance with the functions of the Institute;

(k) To take any reasonable steps to promote the integrity and enhance the status of the insurance and connected professions;

(l) To regulate and govern the conduct of its Members in the

practice of their business or profession, including Members who are employed in any entity, institution, Functions of Institute

Corporation or the Government, with power to suspend or expel a Member from membership for misconduct or violation of this Act, ethics and rules of professional conduct issued under or by this Act;

(m) To maintain appropriate standards of practice among Members

that are consistent with the principle of self-regulation

and the public interest;

(n) To promote and maintain internationally comparable standards of

professional ethics by its Members and qualifications;

(o) To take any steps to maintain the integrity and enhance the

status of Chartered Insurers, Chartered Insurance Practitioners, Chartered Loss adjusters, Chartered Insurance Brokers, Actuaries, or any status, as may be prescribed, of any particular by the Governing Council;

(p)            To regulate standards of training and practice of Members

including the holding of examinations and tests that areConsidered necessary to qualify applicants for membership of the Institute and that are consistent with the public interest and principle of self-regulation;

(q)            Participate in the activities of bodies registered in terms of the Technical Education and Vocational Training Act and responsible for the education and training of insurance and related subjects, whether national or international;

(r) To co-ordinate and oversee an effective system of access to, and Mobility within, the insurance profession, as far as possible, in accordance with this Act;

(s) To employ persons to assist it in the performance of its functions;

(t) To determine and levy fees payable by professional bodies and Members that the Council considers necessary to finance its activities under this Act;

(u) To determine what portion of any fee is payable in respect of any part of a year and the date on which such fee or portion thereof becomes payable;

(v) To encourage and, in appropriate circumstances, finance research into any matter affecting the Insurance and connected profession;

(w) To protect and assist the public in all matters relating to the practice of insurance;

(x) To advise the Government on matters relating to the insurance, Risk management and connected fields, in the economic development of Zambia;

(y) To do all other things connected with or incidental to the foregoing.

6.         CONSTITUTION OF THE INSTITUTE

(1)            The Institute shall, by a vote of at least two-thirds of paid up members voting at a general meeting of the Institute, adopt a constitution of the Institute, and may in like manner amend it.

(2)            The constitution shall, subject to the other provisions of this Act or any regulations made under this Act, regulate the conduct of the affairs of the Institute.

(3)            Subject to subsection (2), the constitution may provide for the following matters:

(a)            Meetings of the Institute, including delivery and sufficiency of notices of such meetings, quorum, voting, adjournments and other matters of procedure or conduct of such meetings;

(b)            Composition, functions, powers and procedures of committees of the Institute;

(c)            Establishment, powers and functions of branches of the Institute; and

(d)            Classes of membership, including honorary members, and their rights, privileges and obligations;

7.         PROHIBITION OF PUBLICATION OR DISCLOSURE OF INFORMATION TO UNAUTHORIZED PERSONS

(1)            No person shall, without the consent in writing given by or on behalf of

the Institute, publish or disclose to any person, otherwise than in the course of that person’s duties, the contents of any document, communication or information whatsoever, which relates to, and which has come to that person’s knowledge in the course of, that person’s duties under this Act.

(2) Any person who knowingly contravenes the provisions of subsection (1)

shall be guilty of an offence and shall be liable, upon conviction, to a fine not

exceeding five thousand five hundred penalty units or to imprisonment for a

term not exceeding three years, or to both.

(3)            If any person having information which to that person’s knowledge has been published or disclosed in contravention of subsection (1), unlawfully publishes or communicates any such information to any other person, that person shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding five thousand five hundred penalty units or to imprisonment for a term not exceeding three years, or to both.

8.         COUNCIL OF THE INSURANCE INSTITUTE OF ZAMBIA

(1) For the proper management of the affairs of the Institute, at an Annual General

Meeting and subject to the provisions of the Constitution, the paid-up members shall

elect, by secret ballot, the members of the Council and shall consist of not more than

Ten(10) members as follows:

(a)            President

(b)            Vice President

(c)            The Honorary Secretary (Chief Executive of the Institute)

(d)            Vice Honorary Secretary

(e)            Honorary Treasurer

(f)             Vice Honorary Treasurer

(g)            Four Executive Members

(h)            Immediate Past President of the Institute

(2)            A paid up member seeking to be elected President or Vice President or Honorary Secretary shall have -

(a)            A clean disciplinary and professional record;

(b)            Must be an Associate or Fellow or Chartered Insurer, Practitioner or Broker

(C)            been a member of the Institute for a continuous period of not less than two years; and must have served on the Council for at least two years.

(3)            The President and the Vice President shall be the Chairperson and Vice Chairperson of the

Council, respectively.

(4)            Notwithstanding subsection (1), the office of President shall become vacant if the person holding such office–

(a)            Resigns, in writing, to the Institute;

(b)            is no longer qualified to be elected under paragraph (a) of subsection (2) of section seven; or

(c)            Dies, is declared bankrupt or declared by a competent court to be of unsound mind or unable to manage that person’s own affairs.

(d)            Where a vacancy has arisen in the office of the President, the Vice President shall take over as President and shall hold office until the next Annual General Meeting.

(e)            the Council may recognize any foreign qualifications for the purposes of registration

under this Act.

(f)             has been found guilty of any professional misconduct within a period of five years preceding that election or appointment;

(g)            at the date of the election or when the appointment is to be made, is in lawful custody or that persons freedom of movement is restricted under any law in force in Zambia or outside Zambia.

9. FUNCTIONS OF THE COUNCIL OF THE INSURANCE INSTITUTE OF ZAMBIA

(1)            The functions of the Council shall be, subject to the other provisions of

this Act, to -

(a)            Perform the functions of the Institute;

(b)            Promote high and internationally comparable standards of professional ethics;

(c)            Promote an understanding of professional ethics amongst Members;

(d)            ensure that rules and guidelines for professional ethics developed by the Institute are responsive to the expectation of business, financial institutions and those who rely on insurance or insurance related  work;

(e)            Monitor the development of international insurance standard setting bodies and share information where necessary;

(f)             Make recommendations affecting or relating to the insurance and insurance related profession to the general meeting of the Institute.

(g)            issue and ensure the relevance of insurance and insurance related pronouncements by -

(i)             considering the needs of users of insurance reports;

(ii)            liaising with any committee established by the Institute for purposes of setting standards to be maintained by a Chartered Insurer, Chartered Insurance Practitioner, Chartered Insurance Broker, Actuary, Fellow, Associate and to receive feedback on areas where insurance pronouncements are needed;

(iii)           ensuring the greatest possible consistency between insurance and insurance related pronouncements of the Institute with those of any appropriate international insurance standards setting body; and

(iv) consulting with professional bodies on the direction and appropriateness of insurance and insurance related pronouncements; and do all such things and acts as the Institute or Council may do by or under this Act.

10. TENURE OF OFFICE OF COUNCIL MEMBERS

(1)            A Council member, shall hold office for a period of two years from the date of election

or appointment.

(2)            Upon retirement at the expiration of a term of office, a Council member may be re-elected or re-appointed provided that a Council member shall not serve more than two terms unless he or she is elected President or Vice President.

(3)            Any vacancy on the Council may be filled by the Council appointing another member who shall serve as Council member till the date of the next annual general meeting of the Institute

(4)            A Council member shall cease to hold office –

(a) if he ceases to be a member of the institute or a member of the local

institute he represents.

(b) if he resigns with one month’s notice or lesser period as may be accepted by the Council.

(c) if that Council member is absent from three consecutive meetings of the Council without reasonable cause; or

(c) upon the expiry of not less than one month’s notice in writing of that member’s intention to resign given by that member to the President, and, in the case of an appointed member, copied to the appointing authority.

(d) If he becomes incapable by reason of mental disorder or bankruptcy

(e) If at a meeting of the Council specially convened for the purpose, a resolution is passed by not less than three-fourths of those present and voting declaring the office of such member vacant.

11.        MEETINGS OF THE INSTITUTE

COUNCIL MEETINGS

(1)            Subject to the other provisions of this Act, the Council may regulate its

own procedure.

(2)            For the transaction of its business, the Council shall meet at such times, being not less than once every three months, and at such places as the President may determine.

(3)            Upon giving notice of not less than fourteen days, a meeting of the Council may be called by the President and shall be called if not less than five Council members so request in writing:

Provided that if the urgency of any particular matter does not

permit the giving of such notice, a special meeting may be called upon giving shorter notice.

(4)            At any meeting of the Council, one-half of the Council members holding office at that

time shall form a quorum.

(5)            A decision of the Council on any question shall be by a majority of the Council members present and voting at the meeting, and in the event of an equality of votes, the person presiding at the meeting shall have a casting vote in addition to that member’s deliberative vote.

(6)            The validity of any proceedings, act or decision of the Council or any committee of the Council shall not be affected by any vacancy in the membership of the Council or committee of the Council, as the case may be, or by any defect in the election or appointment of any Council member or member of such committee or by reason that any person not entitled to do so took part in the proceedings.

(7)            The Council shall cause minutes to be kept of the proceedings of every meeting of the Council and of every meeting of any committee of the Council.

COMMITTEE MEETINGS

(1) Fifty percent of members form a quorum.

(2) Any committee member who misses two consecutive committee meetings without notifying the Committee Secretary or Chairperson will automatically forfeit his/her seat on the committee, and if a council member as well, he automatically loses that seat as well.

SPECIAL OR GENERAL MEETINGS

(1) The Institute may call a special general meeting upon giving such notice as may be prescribed in its constitution; Fifty percent of members will form a quorum. The members must be fully paid up.

(2) In the absence of a quorum a two third vote by those paid up members present will sanction the meeting.

ANNUAL GENERAL MEETINGS

(1) The Institute shall hold an annual general meeting within six months of  each

financial year upon giving not less than fourteen days’ notice specifying the place, day and time of such meeting.

(2) The business to be transacted at the meeting except that the proceedings at any meeting shall not be invalidated by inadvertent omission to give notice to any Member.

(3) The Council shall be asked to submit a report on the transactions of the previous year and duly audited financial statements.

(4)            There shall preside at any meeting of the Institute –

(a)            the President, or in the absence of the President, the Vice President or

(b)            in the absence of the President and the Vice President, such Member as the Members present may elect for the purpose of the meeting.

12.        COMMITTEES OF COUNCIL AND DELEGATION

(1)            The Council may establish any number of committees to assist the

Council in the performance of its functions.

(2)            The Council may delegate to any committee established in

accordance with this section, such of its functions as the Council

may think fit.

13. REMUNERATION AND ALLOWANCE OF COUNCIL MEMBERS, ETC

(1)            A Council member, or a member of any committee of the Council, shall be paid such remuneration or allowance as may be determined by the Institute.

14.        HONORARY SECRETARY (CHIEF EXECUTIVE OFFICER) AND OTHER STAFF

(1)            There shall be a Honorary Secretary to the Institute who shall be the

Chief  Executive of the Institute and who shall be appointed by the Council on such terms and conditions as the Council may determine.

(2)            The Honorary Secretary shall act as Registrar for the Institute and shall

be responsible for the administration of the day-to-day affairs of the

Institute under the general supervision of the Council.

(3)            The Honorary Secretary shall act as secretary to the Council.

(4)            The Council may, on such terms and conditions as it may determine, appoint such other staff as it considers necessary for the performance of the functions of the Institute.

15.        DISCLOSURE OF INTEREST:

(1)           If a person is present at a meeting of the Council or any committee of

the Council at which any matter is the subject of consideration, and in which matter such person or that persons spouse is directly or indirectly interested in a private capacity, that person shall, as soon as practicable after the commencement of the meeting, disclose such interest and shall not, unless the Council or the committee, as the case may be, otherwise directs, take part in any consideration or discussion of, or vote on, any question touching such matter.

(2)            A disclosure of interest made under this section shall be recorded in the

minutes of the meeting at which it is made.

16.        IMMUNITY OF COUNCIL OR COMMITTEE MEMBER OF THE INSTITUTE

(1)            No action or other proceedings shall lie or be instituted against a Council member or any member of a committee of the Institute for, or in respect of, any act or thing done or omitted to be done in good faith in the exercise or purported exercise of that person’s functions under this Act.

17.        FUNDS OF THE INSTITUTE

(1)            The funds of the Institute shall consist of such moneys as may–

(a)            be paid to the Institute by way of fees under this Act;

(b)            be paid to the Institute by way of grants or donations; and

(c)            vest in and accrue to the Institute.

(2)            The Institute may -

(a)            accept moneys by way of grants or donations from any source in Zambia or from any source outside Zambia; and

(b)            raise by way of loans or otherwise such moneys as it may require for the discharge of its functions.

(3)            There shall be paid from the funds of the Institute–

(a)            the salaries, allowances and loans of the staff of the Institute;

(b)            such reasonable traveling, transport and subsistence allowances of Council members or members of any committee of the Institute or the Council when engaged on the business of the Institute at such rates as the Institute may determine;

(c)            donations to any cause as the Institute shall deem fit in the furtherance

(d)            any other expenses incurred by the Institute in the discharge of its functions.

(4)            The Institute may invest in such manner as it thinks fit such of its funds as it does not immediately require for the discharge of its functions.

18. ACCOUNTS, ANNUAL REPORT

The financial year of the Institute shall be the period of twelve months ending on 31st December in each year.

. (1)            The Institute shall cause to be kept proper books of account and other

records relating to its accounts.

(2)            The Council shall ensure that annual accounts for the Institute are prepared and audited by a registered auditor, who is not a member of the Council.

(3)            The Council shall make available to all Members, and to any other person on request, the audited accounts. The Institute may charge such fee as it deems fit for the audited accounts.

(4)            The Council shall, within six months after the close of the financial

year, submit to the Minister a report on the affairs of the Institute and functions of the Council during that financial year, which report shall include the following:

(a)            a copy of the Institute’s audited annual accounts;

(b)            an overview of the activities of the Institute; and

(c)            an account of the extent to which the functions of the Institute have been achieved in that financial year.

(5)            The Minister shall, not later than seven days after the first sitting of the National Assembly next after receipt of the report referred to in subsection (1), cause the report to be laid before the National Assembly.

PART III

MEMBERSHIP, REGISTRATION AND PRACTISING CERTIFICATE

(1)            Members shall be persons engaged or employed in work connected with

insurance, subject to such further provision as may be prescribed by the Council.

(2) The membership of the institute shall consist of :

(i)         Fellow Member that is any person who is a Fellow of the Chartered Insurance Institute or Fellow of Actuaries of the Chartered Institute of Loss Adjustors or has been conferred by the insurance institute of Zambia, or with any equivalent qualification as prescribed by the Council.

(ii)        Associate Member that is any person who is an Associate of the Chartered Insurance Institute or Chartered Institute of Loss Adjustors or  Associate of Society of Actuaries, who any equivalent qualification as prescribed by the Council.

(iii) Ordinary Member (those who possess a Certificate or a Diploma in Insurance or have been working in the insurance industry for a period as prescribed by the Council.)

(iv) Student Member those pursuing insurance studies and not in full time employment.

(v) Honorary Member that is any person who, in the opinion of the

Council has rendered exemplary service to the profession of insurance or Any person who, according to the Council, has served in the Insurance Industry at managerial level for at least ten years, in accordance with the terms and conditions specified in the constitution.

(vii)          Corporate Member – any Institution that provides services such as

Insurance, Pensions, Insurance Broking, Risk Management, Loss

adjusting, Insurance Consultancy, Loss Assessment, Actuarial,

Reinsurance or any other service as may be approved by the Council.

(3)            Each class of Member shall have such rights, privileges and obligations as may be prescribed in the constitution.

(4)            The Institute shall maintain a register of Chartered Insurers, Insurance

Practitioners, Brokers, Associates, Fellows, Ordinary and students members,   which shall contain the following details:

(a) the name and address

(b) the date of registration as a Member;

(c) the date when a such member was issued with a practicing certificate

under this Act, including the date of any renewal of a certificate;

(d) the name of every member whose registration has been cancelled under

this Act and the date that persons name was removed from the Register;

(e) the name of every member whose practicing certificate has been

revoked or not renewed under this Act;

(g)            the name, address and partners of any limited liability partnership registered under the Insurance Act 1997, The Pensions Act 1996 national Pensions Act , the Public service Pensions Act, or Local Authority Superannuation Fund Act.

(h)            a notation of any disciplinary restrictions, limitations,

conditions or penalty to which the Chartered Insurers, Chartered Insurance Brokers, Chartered Insurance Practitioners or Fellows and Associates is subject.

(5)            The Institute shall maintain a separate register of Members to be called the “Register of Members” which shall contain the information specified under the Constitution.

(6)            The Council shall cause any corrections or alterations to be made to the Registers established under this Act.

(7)            The Registers shall be kept at such place, and shall be open to inspection on such conditions including the payment of any fee, as may be prescribed.

20.        QUALIFICATIONS FOR REGISTRATION

(1)            Every Chartered Insurer, Chartered Insurance Practitioner, Chartered

Insurance Broker, Chartered Loss Adjustor Actuary, Fellow, Associate desiring to be employed or to practice as an  insurance practitioner in Zambia shall, apply to the Council, in a form prescribed, accompanied by a fee as may be prescribed, to be registered as Chartered Insurers, Chartered Insurance Brokers, Chartered Insurance Practitioners or Fellows and Associates under this Act and the Council shall so register the Chartered Insurers, Chartered Insurance Brokers, Chartered Insurance Practitioners or Fellows and Associates if the Council is satisfied that –

(a)            subject to sub-section (2), the applicant is an associate or fellow of a body specified in the Schedule and as may be recognised under section nine; or

(b)            the applicant has passed an examination considered by the Council to be not less than equivalent to the intermediate examination of a body recognised under section nine and has practiced or been employed as Chartered Insurers, Chartered Insurance Brokers, Chartered Insurance Practitioners or Fellows and Associates for a period of three years, at least one such year being after passing the final examinations; and

(c)            the applicant is of good character and is not disqualified

for registration under this Act.

(2)            The Council shall register a person, as a Chartered Insurer, Chartered Insurance Practitioner, Chartered Insurance Broker, Actuary, Fellow, Associate under this Act, who is a qualified as per schedule of the Constitution , on payment of the prescribed fee, if that person is not a citizen of Zambia or is not practicing or working in Zambia prior to the application, if that person -

(a)            is engaged to work in Zambia under any international agreement entered into by the Government; or

(b)            undertakes such number of courses relating to the Laws of Zambia as the Council shall determine and passes the final examination set by the Institute for those courses.

(3)            Notwithstanding anything to the contrary in the Immigration

and Deportation Act, an immigration officer shall not issue an entry permit to any person who intends to practice, or be employed, as an Chartered Insurers, Chartered Insurance Brokers, Chartered Insurance Practitioners or Fellows and Associates in Zambia, except with the approval of the Institute.

21.        DISQUALIFICATION FROM REGISTRATION

(1)            No person shall qualify for registration, under this Act as a Member or

under the constitution, if that person–

(a)            has been convicted of an offence involving dishonesty;

(b)            has been adjudged or otherwise declared to be of unsound mind under any law in force in Zambia;

(c)            is an undischarged bankrupt or a receiving order in bankruptcy is in force against that person;

(d)            has been found, on inquiry by the Disciplinary Committee, to be guilty of professional misconduct; or

(3) The Institute may prescribe in its constitution other grounds on which a person may, at the discretion of the Council, be disqualified from registration.

22. PRACTICING AND MEMBERSHI CERTIFICATE

(1)            Every person admitted under the constitution as a Member shall be

issued with a certificate of membership showing that person’s class of membership.

(2)            Every certificate of registration shall remain the property of the Institute.

(3)            The Institute may charge such fees for its membership as may be prescribed and different fees may be prescribed for different classes of membership.

(4)            No person shall, unless that person is a registered under this Act or a

Member under the constitution –

(a)            Practice as, be employed as, offer services as, or hold out to be,

(b)            adopt, use or exhibit the terms “chartered Insurer, Chartered

insurance Practitioner, Chartered Insurance Broker, Actuary or any other term of like description; or

(c)            Do anything likely to lead persons to infer that that person is a registered with the Institute:

(2)            No person, firm or company shall employ or engage a person who is not a Member of the Institute.

(3)            Any person who acts in contravention of subsections (1) and (2), shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding five thousand penalty units or to imprisonment for a term not exceeding two years, or to both.

(4)            Where an offence under this section is committed by a body corporate, every director and manager of the body corporate shall be deemed to have committed the offence unless they prove that the offence was committed without their knowledge or consent.

(5)            Where a firm does any act which if done by an individual would be an offence under his section, every partner in that firm shall be deemed to have committed the offence unless they prove that the offence was committed without their knowledge or consent.

PART IV:

23.        DISCIPLINE:

(1) CANCELLATION OF MEMBERSHIP

The Institute may cancel the membership of any Member if the Council

is satisfied that –

(a)            Membership was obtained through fraud, misrepresentation or concealment of any material fact; or

(b)            Since the admission, circumstances have arisen disqualifying the  Member from membership: Provided that before cancelling any membership under this subsection, the Council shall give the Member an opportunity to be heard against the cancellation.

(2)            Where the Institute cancels the membership of any person under this section that person’s name shall be deleted from the Register and shall not be restored except on such conditions and payment of any fee as may be prescribed.

(3)            if it has not been renewed within fourteen days of its expiry and has remained unrenewed thirty days after a written notice has been sent to the holder of the certificate notifying the holder of failure to renew.

(4)            The Institute may issue a new practicing certificate to a person whose certificate is cancelled.

(5)            Where the registration of any person is cancelled in accordance with this Act, any practicing certificate held by that person shall become void.

(6) Any person aggrieved by any decision made by or on behalf of the Institute under this

Part may appeal to the general meeting of the Institute at the next meeting of the Institute; and if that person is not satisfied with the decision of the general meeting, that person may appeal to the High Court.

(7)            Any person who–

(a)            makes or causes to be made, an unauthorized entry, alteration or erasure in a Register, certificate of registration, practicing certificate, or in any copy thereof; or

(b)            procures or attempts to procure for that person or any other

person a practicing certificate, or registration of any matter by means of fraud, misrepresentation or concealment of any material fact; shall be guilty of an offence and shall be liable, upon conviction, to a fine not exceeding five thousand penalty units or to imprisonment for a term not exceeding two years, or to both.

(2)        PROFESSIONAL MISCONDUCT AND INITIATION OF DISCIPLINARY ACTION

(1) A Member, other than a honorary member, shall be guilty of professional misconduct if

that Member does any of the acts or things provided for in a Code of Ethics prescribed by the Council  and approved by the Minister of Finance and National Planning, by statutory instrument.

(2)            The following may initiate disciplinary action against any member:

(a)            the Institute, where any information has come to its knowledge that a Member has contravened any provision of the Code of Ethics, any provision of this Act or any rules or regulations made under this Act; or

(b)            Any person who is aggrieved by the conduct of any other Member.

(3)            any complaint or allegation made under paragraph (b) of subsection (2), shall be made, in writing, to the Honorary Secretary or the President.

24.        RULES BY THE CHIEF JUSTICE

The Chief Justice may, by statutory instrument, make rules regulating appeals to the High Court under this Part.

PART V:

25.        GENERAL PROVISIONS:

(1)        LOCAL CHAPTER OF THE INSURANCE INSTITUTE OF ZAMBIA:

(I)             There shall be as many Local Chapters of the Institutes as the Council may

approve according to the number of members in particular geographical areas.

(II)            Subject to the general direction of the Council a local institute may

regulate its own procedure.

(III) The management and control of the Local Chapters of the Institute shall be

vested in an Executive Committee elected annually by that local institute.

(iv) The Executive Committee shall be responsible for all matters affecting

the branch including the receipt and expenditure of moneys relating to its activities excluding membership Subscription.

(v) A Local chapter of the institute shall be dissolved with prior approval of the Council.

(2)        CODE OF ETHICS

(i) In all professional relations, members shall be governed by a code of Ethics which shall be prescribed by the council with the approval of the Minister of Finance and National Planning.

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