Tuesday, June 25, 2024
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Advance Insurance Brokers Association launched


Ntsoaki Motaung

The inaugural insurance brokers association, Advance Insurance Brokers Association (AIBA) was launched on Tuesday in Maseru.

The Chairman of the association Mashape Mosala stated that the association’s association is to ensure maintenance of sound insurance practices in the country.

He said the association which was founded in 2019 and approved in 2021 by the Central Bank of Lesotho, will network through other affiliations or subscription with other associations and cooperations.

He said the association is made-up of brokers for short term insurance and long term insurance as well as brokers offering both short term and long term insurance services.

“All approved and licensed brokers are welcome to join the association and currently we have more than 23 members.

“The main objectives of the association include ensuring and maintaining sound insurance practices amongst the members taking into account the best interest of both insured and insurers.

“The association aims at promoting and protecting rights and interests of insurance brokers’ business in Lesotho. To network through affiliation or subscription with other associations, societies and cooperations, nationally and internationally. Grow insurance broking business in Lesotho to become one of the significant businesses in the country’s economy through creation of job opportunities and creation of wealth,” he said.

Meanwhile, member of the association Michael Mohasi indicated that the association currently does not have any international membership because they wanted the association to be locally-established before it can go internationally.

He stated that a customer of an insurance company that is a member of the association can take such company to the association if they have complaints with the company.

“If the member of the association does not comply with the terms and conditions of the association especially the code of conduct they are liable to lose their membership. That also means that their business will also be affected because of the cut communication with the Central Bank because the bank communicates with the companies through the association,” he said.

On the other hand, Secretary of the association, ‘Malebohang Lehana indicated that the association will provide its members with trainings as well as the public on the importance of insurance, through workshops and through media.

She said for one to ensure that a broker company is legitimate, the company must have license issued by the Central Bank, offices and it should be amongst the list of brokers issued by the Central Bank every quarter of the year.  

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