Articles tagged 'insurance and pension commission'

'Insurance and pension compensation catastrophic' 22 January 2019 HARARE - The Insurance and Pensions Commission (Ipec) says implementing recommendations of the Commission of Inquiry on the conversion of insurance and pension values from the now-defunct Zimbabwean dollar to United States dollars without reforms would be catastrophic to the local industry. Ip...
Net closes in on under-capitalised assurers 8 January 2019 HARARE - The Insurance and Pensions Commission (Ipec), is closely monitoring three under-capitalised life assurance firms — Evolution Life, Heritage and Fidelity Life — after the assurers closed the third quarter of 2018 below the regulatory $5 million capitalisation threshold. In its third qu...
Funeral assurers should embrace technology: Ipec 15 December 2018 HARARE - The Insurance and Pensions Commission (Ipec) has urged funeral assurers to take advantage of new technologies to increase business. In a statement accompanying its funeral assurers report for the half year ended June 2018, the regulator said funeral assurers should take advantage of m...
Ipec warns errant legal aid societies 10 December 2018 HARARE - The Insurance and Pensions Commission (Ipec) has railed against legal aid societies that are selling insurance without being licensed to do so. According to Ipec, operating an insurance business, such as legal aid societies, without being registered is a punishable offence in terms of...
Pension fund arrears go up 3 October 2018 HARARE - Contribution arrears in the pensions industry went up to $636,36 million as at June 30, 2018 from $618,88 million at the end of March 2018, with stand-alone funds accounting for the major part of the arrears, the insurance regulator has said. In its report for the quarter to June 30, ...
Insurance brokers dream again 24 September 2018 HARARE - Insurance Brokers are targeting to double their market share to 80 percent within the next two years on the back of anticipated increased economic activity. The brokers, who are regulated by the Insurance and Pensions Commission (Ipec) and offer advice to prospective policy holders wh...
$30m unclaimed pensions 18 September 2018 HARARE - About $30 million is lying idle in unclaimed pensions as close to 50 000 pensioners have not been collecting their monthly pension pay-outs, an Insurance and Pensions Commission (Ipec) official has said. Ipec public relations officer Lloyd Gumbo last week said the insurance sector reg...
Zim to introduce new pension reforms 18 September 2018 HARARE - Zimbabwe is set to introduce a raft of measures aimed at improving the country's pension industry in line with international standards in the next few month, the sector's regulator has said. This comes as the country's pension industry is in dire straits emanating from low confidence ...
Embrace technology: Ipec 24 July 2018 HARARE - The Insurance and Pension Commission (Ipec) has called on the local insurance industry to embrace blockchain technology as a way of improving service delivery. A blockchain is a distributed digital ledger that maintains a continuously-growing list of data blocks, each containing batch...
'Bond notes stifling insurance sector' 21 July 2018 HARARE - The Insurance and Pensions Commission is targeting insurance penetration to reach seven percent by 2022 compared to the current 4,7 percent on the back of an anticipated economic growth. Zimbabwe remains in top five in the region in terms of insurance penetration. Paul Nyakazeya inter...
Non-life assets up 19pc 5 July 2018 HARARE - Non-life insurers' total assets grew 19,2 percent from $197,43 million as at December 31, 2016 to close 2017 at $235,42 million buoyed by good fortunes on the local bourse, official data revealed. In its report for the 12 months to December 31, 2017, the Insurance and Pensions Commiss...
IPEC exempted from paying income tax 29 May 2018 HARARE - The Insurance and Pensions Commission (IPEC) is now exempt from paying income tax following provisions gazetted by the Finance minister Patrick Chinamasa on Friday. In a government gazette, Chanamasa said in terms of paragraph 2 (j) of the third schedule to the Income Tax Act, the inc...
Ipec boss Karonga resigns 22 May 2018 HARARE - Insurance and Pension Commission (Ipec) commissioner Tendai Karonga has resigned after falling out with the regulator's board. This comes, just over a year after he took over from Marnet Mpofu who left the commission following the expiry of her contract in January 2017. Karonga ten...
Ipec enforces new actuarial rules 21 March 2018 HARARE - The Insurance and Pensions Commission has issued a stern warning saying all insurance companies should engage actuaries for key validation on their activities or face serious consequences. The development comes at a time when some insurance companies and pension funds are said to be s...
Zim insurers rely on foreign markets 20 September 2016 HARARE - Zimbabwe's insurance companies are now relying on foreign markets for survival in the face of worsening economic conditions in the country. The latest report by the Insurance and Pension Commission (Ipec) shows that non-life reinsurers generated $7,71 million from outside Zimbabwe in ...
Heritage Insurance suspended 21 June 2016 HARARE - Zimbabwe's insurance regulator has suspended short-term insurance firm, Heritage, from issuing or renewing policies due to poor financial position. The Insurance and Pension Commission (Ipec) yesterday said it will provide the market with updates on the companies under suspension “as ...
Fidelity bosses suspended 9 April 2016 HARARE - Fidelity Life Assurance Zimbabwe (Fidelity) has suspended its managing director Simon Chapereka and finance director German Mushoma following a probe by the Insurance and Pension Commission (Ipec) into various corporate governance infractions. However, the group's acting chairman, Gre...