Life insurance

Highlighted in DPM’s recently launched 2023 Corporate Plan and key result areas is the “Management of Public Service Housing (home ownership and institutional housing)” and the “Modernization of the public service terms and conditions to support a lean and effective public service structure.”

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 Assistant Governor, Ellison Pidik, said the review is to ensure the policies are up-to-date so that the sectors are regulated properly.

He said under the Financial Services Sector Review, a recommendation has been sent to the NEC, through Treasury, for the establishment of a task force to conduct the review.

The review would look at the potential stumbling blocks, potential difficulties as well as provisions in the act that can be amended.

“The review will be for both life insurance and superannuation, as they both go hand in hand,” said Pidik