Vizor Selected by Pensions & Insurance Authority Zambia
19 April 2017
Furthering their mission to regulate the conduct of the pensions and insurance industry in order to protect stakeholder interests, the Pensions and Insurance Authority (PIA) select Vizor Software to build and implement a regulatory reporting solution.
Today, Vizor Ltd. Announced that its regulatory reporting solution will be implemented at the Pensions and Insurance Authority of Zambia (PIA), where it will be used to strengthen and enhance the regulatory capacity of the PIA by enabling all regulated entities to electronically submit and manage:
1. Applications for registration & licensing of regulated entities;
2. Applications for authorization of appointments, and fit & proper persons;
3. File and Use applications for products, reinsurance treaties, and investment policy; and,
4. Audited Annual Financial Statements, Actuarial Valuation Report/Certificates, Annual & Quarterly Returns, and solvency statements.
With the implementation of the Vizor Software reporting solution, all regulated entities will now report through one system, resulting in significant improvements in the quality, consistency, reliability, and integrity of information submitted to, and subsequently published by, the PIA.
In addition, the platform will provide a scalable and flexible technology architecture that can be leveraged for future data collection and reporting needs.
About the Pensions and Insurance Authority
The Pensions and Insurance Authority (PIA) is the regulatory and supervisory body for the pensions and insurance industry in Zambia. The Authority falls under the Ministry of Finance and derives its mandate from the Pension Scheme Regulation Act No 28 of 1996 (amended by Act No. 27 of 2005) and the Insurance Act No. 27 of 1997. The functions of the Authority vests in the Board which is appointed by the Minister of Finance in accordance with the provisions of Act. The Board comprises 9 members that are nominated from various institutions identified in the Amendment Act. You can learn more about the Pensions and Insurance Authority at http://www.pia.org.zm/
Vizor Software has been the standard for financial regulatory technology since 2000. Leading the way in regulatory supervision software, Vizor Software is trusted by Central Banks and Financial Regulators from around the globe for the collection, validation and analysis of highly complex data from Financial Institutions. Serving the needs of financial regulators in more than 30 countries, Vizor is a trusted partner of large consulting firms and leading XBRL toolset providers. Employing a collaborative, agile approach to implementing regulatory solutions, Vizor simplifies and strengthens financial regulation systems. You can learn more and visit Vizor at http://www.vizorsoftware.com or by following Vizor on Twitter, LinkedIn, Google+ and Pinterest.