Insurance Law and practice in Zambia
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Insurance is of commercial importance in any given industry either for individuals or in the corporate world as the case might be. With the liberalization of the economy, issues of insurance are a growing concern and as such the law governing insurance is one that must be taken into critical consideration not leaving out the practice and manner of carrying out and on of insurance business.As there is no future without the past, the paper will first of all look at the historical development of insurance from the colonial state right through the present day of a liberalized economy. This having been done the subject matter of the paper will be defined and ultimately its nature and the major concepts which come to mind when one talks about a contract of insurance and those that one must be aware of in considering insurance generally as a subject of study.Before 1970, Zambia was a liberal economy but the 1970 economic reforms changed the status quo. The then twenty six (26) existing insurance companies were obliged to transfer their assets to ZISC. Prior to the liberalization of the economy, the insurance industry not being an exception, the Zambia State Insurance Corporation (ZSIC) held a monopoly over the insurance industry.
- Law