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Walter Muchinguri Assistant Business Editor
At least eight insurance companies are yet to meet the minimum capital requirements set by the Insurance and Pension Commission. The Commissioner of Insurance, Mrs Manett Mpofu, said the eight, five short-term and three life companies were given June and September deadlines to shore up their capital to the required levels.

Life companies are required to have minimum capital levels of $2 million while short-term insurers should have minimum capital levels of $1,5 million.

“Those that we had given up to June have since submitted their representations which we are currently studying.

“If they have still not met their capital requirements but are left with small amounts which they can raise say in 30 days we will extend the deadline. Those that fail to raise the money will not be closed down abruptly but will also receive official notice to wind down their operations,” she said

Mrs Mpofu was speaking on the sidelines of a graduation ceremony of the Insurance Institute of Zimbabwe on Friday last week.

Turning to the amendment of the Insurance Act (Chapter 24:07), the Pension and Provident Funds Act (Chapter 24:09) and Insurance and Pensions Commission Act (Chapter 24:21), Mrs Mpofu said there has been significant progress.

“We received the first draft from the Attorney-General’s Office and this was circulated to industry players who made their proposals.

“We have since forwarded their (insurance industry) and our proposals to the Ministry of Finance, which is our parent ministry, for onward submission to the Attorney-General’s Office.

“The AG’s Office might probably come up with a second draft that will incorporate all the contributions that have been submitted,” she said.

Meanwhile, 114 graduates received certificates, diplomas and associateship during the graduation ceremony.

Of the 144, 82 received certificates of proficiency, 17 diplomas and 15 associateship degrees.

Guest of honour at the event, the executive dean for the Midlands State University’s Faculty of Commerce Mr Richard Duve, said that the insurance industry was a key sector in the econ- omy.

“You carry all the risk which enables companies to operate and contribute to economic development,” he said.

He challenged the industry to seek ways on how they can assist in safeguarding depositors in the banking industry that were losing out on their investment due to unscrupulous bank directors that were misusing depositor’s funds.

“I am sure you can find ways of working with the Depositor’s Protection Corporation to mitigate the risks faced by depositors,” he said.

On their part Mr Duve said that they were willing to offer insurers and their executives further studies through evening classes.

“We know you are very busy people and we therefore want to offer you evening classes. We also want you to assist us with your expectations from us so that we come up with programmes that are relevant to your industry,” he said.

IIZ president Mr Lovemore Gomera urged the graduates to put the knowledge that they have acquired into practice for the benefit of the industry and the economy as a whole as enunciated within the country’s economic blue-print the Zimbabwe Agenda for Sustainable Socio-Economic Transformation.