A consultant workshop of the Superannuation and Life Insurance Review 2021 began on Monday, June 20th. The workshop was initiated by the Bank of PNG and commissioned by Treasury in 2020.
The superannuation and Life Insurance play a critical role in mobilizing savings, and making strategic investments with the objective to provide a comfortable retirement for their contributing members and protect policyholders and their beneficiaries from the risk of illness and death.
Chairman for the SLIR Committee, Erastus Kamburi, acknowledged discussions on Superannuation and Life Insurance industries as it is important for PNG citizens to know about the mobilizing savings and making strategic investments with the goal to provide comfortable retirements.
Bank of PNG Secretariat, Peter Samuel, said that the SLIRC has a clear Terms of Reference. It will be expected to take a holistic approach when reviewing the Superannuation and Life Insurance Industries’ legislative and regulatory frameworks, the business environment in which they operate and the tax implications of changes recommended in the review.
Samuel spoke about the overview of the SLIRC Terms of reference and the definition of insurance which all Papua New Guineans need to know.
The SLIR Committee is assisted by a secretariat compromising officers from the Bank of PNG and the Department of Treasury.