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The Insurance and Pensions Commission is a statutory body that was created through an Act of Parliament – the Insurance and Pensions Commission Act [Chapter 24:21] to regulate the insurance and pensions industry in Zimbabwe. The Commission’s principal function is to protect the interests, rights and benefits of insurance and pension consumers (policyholders and fund members) and to ensure that there is general stability of the insurance and pensions industry.

Vision

A vibrant insurance and pension industry contributing towards a safe and stable financial system.

Mission Statement

To protect the interests of policyholders and pension scheme members through effective regulation and supervision of the insurance and pension industry.

Overall functions

The overall functions of the Commission as spelt out in the Insurance and Pensions Commission Act are as follows:

a) to register insurers, mutual insurance societies and insurance brokers in terms of the Insurance Act [Chapter 24:07] and, subject to that Act, to regulate and monitor their business;

b) to register pension and provident funds in terms of the Pension and Provident Funds Act [Chapter 24:09] and, subject to that Act, to regulate and monitor their management and administration;

c) to monitor the activities of insurers, mutual insurance societies, insurance brokers and pension and provident funds to ensure that they maintain set standards and ensure compliance with the Insurance Act [Chapter 24:07] and the Pension and Provident Funds Act [Chapter 24:09], as the case may be;

d) to provide information to the public on matters relating to insurance and pension and provident funds and to encourage and promote insurance and investment in such funds;

e) to advise the Minister on matters relating to insurance and pension and provident funds;

f) to perform any other function that may be conferred or imposed on the Commission in terms of the Insurance and Pension Commission Act or any other enactment.

Terms of reference

The commission derives its mandate and functions from the following legislative mandates:

• Insurance Act [Chapter 24:07]
• Insurance and Pension Commission Act [Chapter 24:21]
• Pension and Provident Funds Act [Chapter 24:09]
• Money Laundering and Proceeds of Crime Act [Chapter 09:24]
• Finance Act [Chapter 23:04]
• Income Tax Act [Chapter 23:06]
• IPEC Core Values
• Integrity
• Fairness
• Transparency and accountability
• Accessibility
• Responsive
• Empathy
• Confidentiality
• Discipline
• Equal opportunity employer
• Professionalism

Overview of the Insurance and Pensions Industry

The insurance industry is made up of 49 insurance companies among them; 12 Life Assurers, nine Funeral Assurers, 20 Non-Life insurers, four Non-Life Reinsurers and four Composite Reinsurers.

On the other hand, the pensions industry in Zimbabwe is made up of four broad categories, which are Private Occupational Pension Schemes, Private Individual Pension Policies, the National Social Security Authority and the Public-Sector Pension Scheme. However, the Insurance and Pensions Commission only regulates the Private Occupational Pension Schemes and the Private Individual Pension Policies at the moment.

The IPEC-regulated pensions industry had just over 1300 pension funds as at June 30, 2017. This column will cover different topics pertaining to the insurance and pensions issues every Wednesday.

We also have a radio programme, “Inside Insurance and Pensions” on Star FM radio station every Wednesday from 7:30pm-8:00pm.

• For any enquiries on insurance and pensions, please contact us on the following details: 160 Rhodesville Avenue, Greendale, Harare. Tel: (04) 443358/443361/443422. Cell: 0772 154 281/2/3/4. WhatsApp: 0772 154 281. Email: [email protected] Facebook: Insurance and Pensions Commission. Twitter: @IPECZW. Website: www.ipec.co.zw