Malawi has seen a liquidation of one of the major players in the insurance industry; Citizen Insurance. A liquidation of big players such as Citizen Insurance poses a threat to an industry that is already riddled with cases of fraud. This is the reason the Students Law Society (SLS) of the Faculty of Law at Chancellor college has organised a seminar this Friday under the theme ‘The Impact of Insurance law on the Economic Development of Malawi; Current Challenges and Possible way Forward.’The seminar will be held at the Faculty of Law Boardroom and the main guest speaker will be the former Attorney General Mr Kalekeni Kaphale, SC, who will present his own paper titled ‘Practical Legal Problems to the Insolvency of Insurance Companies in Malawi’. Other presenters will include practising lawyers such as Timothy Chirwa and Salome Mdala. According to the President of the Students Law Society at Chancellor College Justice Banda, the Insurance industry has attracted low research over the years but the liquidation of Citizen Insurance has led to a number of students showing interest to research in this area.
“We invited papers from students as well as the general public to present at this Seminar on this industry that has the interests of many Malawians. Most Malawians are affected by insurance either directly or indirectly. Whether they are ordinary passengers in various modes of transport on our roads or patients in hospitals; insurance matters to them. It is therefore a concern when a big name in the industry goes into liquidation. Certainly Malawians have a right to know what is going, if their premiums are safe or not” Justice Banda stated.
According to the Editor of the SLS, John Kalampa; the program starts at 1.30pm and ends at 5pm. The invitation is open to the general public especially those who have an interest in the insurance industry.
The main aim of the seminar is to educate the students and the general public on insurance law and how it can be used as a tool for economic development, because of this, the whole program is going to be televised.
The Insurance industry needs more research… Justice Banda, President of Students Law Society.