On 23 December 2022, Zambia's new Insurance Act of 2021  came into force, following the issuance of Commencement Order No. 83 of 2022 by the Minister of Finance and National Planning. The new Act requires insurers and reinsurers to have no less than 30% of their subscribed share capital owned by Zambian citizens or citizen-owned companies. Insurance brokers are required to have no less than 51% of their subscribed shareholding owned by citizens or a citizen-owned company. Under the previous legislation (Insurance Act of 1997), there were no such requirements.
"2. In this Act, unless the context otherwise requires—[...]
"citizen ” has the meaning assigned to the word in the Constitution;
“ citizen owned company ” means a company where one hundred percent of its equity is owned by citizens and in which citizens have significant control of the management of the company;
[...]
PART V -  MANAGEMENT AND SHAREHOLDING FOR INSURER, REINSURER AND INSURANCE BROKER
 49. (1) A licensed insurer or reinsurer shall not have less than thirty percent of the licensed insurer or reinsurer’s subscribed share capital owned by citizens or a citizen owned company.
(2) A licensed insurance broker shall not have less than fifty one percent of the licensed insurance broker’s subscribed share capital owned by citizens or a citizen owned company.[...]" (Insurance Act No 38 of 2021)
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"PART II - REGULATION OF INSURERS AND OTHERS
4. Insurance business
(1) On and from a date prescribed by the Minister by statutory instrument, a person shall not carry on insurance business unless the person is a company licensed under this Act as an insurer.
(2) On and from the date prescribed under sub-section (1), an insurer shall not carry on insurance business except—
(a)   in accordance with the terms and conditions of its license under this Act; or
[...]
5. Insurance brokerage
(1) On and from a date prescribed by the Minister by statutory instrument, a person shall not engage in insurance brokerage unless the person is a company or partnership licensed under this Act as a broker. [S 5(1) am by s 4 of Act 26 of 2005.]
[...]
10. Application for insurer’s license
(1) A company having share capital may apply for an insurer’s license.
(2) An application under sub-section (1) shall be in a form approved by the Registrar and shall specify—
(a)   the name and address of the company; [...]
(3) The application shall be accompanied by copies of— (a)   the certificate of incorporation of the company;
[...]
11. Grant of insurer’s license
(1) A person shall not carry on insurance business in Zambia unless that person is registered as such under this Act.
[...]
13. Broker’s license
(1) A person shall not carry on insurance brokerage in Zambia unless that person is registered as such under this Act.
(2) The Registrar shall issue a broker’s license to an individual who has a minimum of ten years experience as a licensed agent
(3) Except as provided by section 18, the Registrar shall issue a broker’s license to a partnership or corporate firm if
(a)   a majority of its directors are persons who, in the opinion of the Registrar, are of good repute and-
(i)   have had ten years’ practical experience at management level in insurance brokerage or other comparable work; or
(ii)   hold qualifications approved by the Registrar and have had an adequate practical experience of insurance brokerage; or
(b)   where there are only two directors, one of them meets the criteria specified in paragraph (a) and the Registrar is satisfied that the business will be under the management of that director;and [S 13(3)(b) am by s 5(a) of Act 26 of 2005.]
(c)   the applicant is able to meet such minimum financial or other criteria as may be prescribed under this Act.[...]" (Insurance Act No. 27 of 1997, as amended)

Insurance Act No 38 of 2021
Insurance Act No. 27 of 1997, as amended
[<a href="https://www.parliament.gov.zm/sites/default/files/documents/acts/Act%20No.%2038%20OF%202021%2C%20THE%20INSURANCE%20ACTpdf_0.pdf">Act</a>]