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n Malawi Law Journal - Litigation flash points and other areas of legal concern in the Insurance Act of Malawi

Volume 5, Issue 1
  • ISSN : 1996-7675
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Abstract

This article critically analyses the newly enacted Insurance Act whose principal object is to make provision for the enhancement of the safety, soundness and prudent management of insurers and other persons involved in the insurance industry in Malawi. The Act introduces many changes to the old insurance law in Malawi. In particular, it has substantially replicated the emerging trend and practice in this field in Eastern and Southern Africa. However, the Act contains some important oversights and raises a number of legal concerns. For example, the Registrar of Financial Institutions (Registrar) has been given wide discretion to make decisions concerning the insurance business. It is argued that there are no good reasons why the Governor of the Reserve Bank of Malawi should be the Registrar. Crucially, the Act is dedicated to the regulation of the insurance business without paying specific attention to the rights of the insured. However, some of the provisions of the old Act that have been left out were crucial to the protection of the interests of assured persons. It is hoped that the issues raised in this article will help all stakeholders in improving the Act, so that the insurance sector can be enabled to play a more meaningful role in the Malawian economy.

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/content/mlawj/5/1/EJC123682
2011-01-01
2016-12-11

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