Articles tagged 'ipec'

'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...
Insurance policyholder protection fund on cards 20 March 2018 HARARE - Government is pushing for a legislative framework which will  pave way for the establishment of a policyholder protection fund for the insurance industry in a bid to enhance consumers' protection, the insurance and pensions regulator disclosed last week. It aims to protect the interes...
Civil servants oppose Medical Aid Societies Bill 26 August 2017 HARARE - Civil servants are opposing proposed legislation seeking to regulate the functions of medical aid societies, describing the new Bill as unnecessary ostensibly because it seeks to duplicate the functions of the Insurance and Pensions Commission (Ipec). Cecilia Alexander, chairperson of...
Insurers regulator to de-register errant firms 3 July 2017 HARARE - The Insurance and Pensions Commission (Ipec) is threatening to de-register insurance companies and brokers that are failing to meet client claims on time in the wake of a worsening economic situation, the businessdaily can report. With the operating environment buckling to a serious l...
Ipec launches framework for low income earners 17 June 2017 HARARE – The Insurance and Pensions Commission (Ipec) yesterday launched Zimbabwe's maiden Micro-Insurance Regulatory Framework aimed at facilitating the provision of insurance to low income earners. The regulator's commissioner, Tendai Karonga, said the framework was useful in assisting Zimba...
Tough times for insurance firms 15 June 2017 HARARE – The Insurance and Pension Commission (Ipec) said it will compel all insurance companies to publish financial statements as part of strategies to promote transparency and increase credibility in the sector. The regulator's commissioner, Tendai Karonga, yesterday said insurance fraud — ...
Chinamasa goes after funeral assurers 27 December 2016 HARARE - Finance minister Patrick Chinamasa (pictured) has declared war on local funeral assurers failing to meet minimum capital requirements and prescribed asset requirements as the country's deteriorating economy continues to affect the insurance sector. The minister, who last year reviewed...
Insurance firms continue to bleed 5 December 2016 HARARE - Zimbabwe's insurance sector continues to make losses despite raking in millions of dollars every year due to deteriorating economic conditions, a new report has shown. A third quarter survey conducted by the Insurance and Pensions Commission (Ipec) revealed that life insurance firms r...
Insurance firms struggle to meet requirements 22 September 2016 HARARE - Credit Insurance Zimbabwe (Credsure) and Sanctuary Insurance Company (Sanctuary), have failed to meet the $1,5 million minimum threshold during the first half of this year due to deteriorating economic conditions, an Insurance and Pensions Commission (Ipec) report has shown. This come...
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 ...
Pension funds default increases 15 September 2016 HARARE - Millions of Zimbabweans who are counting on pension benefits to fund their retirements risk being severely disappointed amid indications of rising pension fund defaults. A recent report by the Insurance and Pensions Commission (Ipec) revealed that in the six months to June this year, ...
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 ...