Insurance and Pensions Commission

Functions

The overall functions of the Commission as set 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. ^[1]

Board

The new board, appointed by the Minister just before July 2019, follows:
Chairperson: Albert Nduna
Vice Chairperson: Annah Mashingaidze
Commissioner: Dr Grace Muradzikwa
Member: David Mureriwa
Member: Godwin Nyengedza
Member: Judith Rusike

Management

• Commissioner - Dr Grace Muradzikwa
• Director Pensions - Josphat Kakwere
• Director Insurance & Microinsurance - Sibongile Siwela
• Director Finance - Blessmore Kazengura
• Company Secretary & Head of Legal - Samantha Nhende
• Executive Assistant to the Commissioner - Cuthbert T. Munjoma
• Human Resources Executive - Ratidzo Masango
• Internal Auditor - Vincent Mutata
• Manager Pensions - Mary Takavarasha
• Manager Research and Innovation - Munyaradzi Machinjika
• Public Relations Manager - Lloyd Gumbo
• Procurement Officer - Takesure Chabaya
• Information Communication Technology Administrator - Kudakwashe Madhara

Events

Bogus lawyer nabbed for fraud, 18 February 2019 A bogus lawyer, Descent Moyo, who allegedly masqueraded as a housing estate agent, was nabbed last week and brought to court on charges of duping a Harare property owner of his money after being hired to collect rent from a truant tenant. Moyo, who runs an unregistered legal aid firm, Global Justice Legal Aid, was granted $100 bail and remanded to February 22 when he appeared before magistrate Tracy Muzondo facing theft of trust property charges. Moyo’s luck ran out after he was engaged by a Harare property owner, Josphat Gwanganga to collect rental arrears from a truant tenant in the central business district. The complainant then wrote to the Law Society of Zimbabwe (LSZ) to establish if Moyo was a registered lawyer and discovered that he was not. Armed with the letters from the LSZ and Ipec, Gwanganga reported the matter to the police, leading to Moyo’s arrest. ^[2]

Is IPEC fit and proper? In the wake of the debate on the Report of the Commission of Inquiry on insurance/pensions benefit conversion to US$, by the Parliamentary Portfolio Committee on Finance and Economic Development (Parliamentary Portfolio), the question is asked, is the (IPEC) in its current format, fit and proper to decide? IPEC should carry out these functions primarily to protect consumers of pensions and insurance services, and more secondarily to drive economic growth from savings harnessed by the services. The question has been heightened by several events including the resignation of Mr Karonga as Commissioner, just over a year after he had been appointed. And now raised been raised as the Parliamentary Portfolio Committee. Pensioners submitted to this Parliamentary Portfolio that IPEC could strictly not run a program to compensate pensioners, as it (IPEC) prejudiced them (pensioners) in the first place, and has been found so guilty by the same Commission of Inquiry. Clearly IPEC is operating under the tight, exclusive control of high ranking Ministry officials whose interests are diametrically opposed to those of pensioners. This is why the IPEC Board is appointed behind doors with no single pensioner representation. ^[3]

Further Reading

[1] IPEC Web site
[2] The Herald, Who is IPEC
[3] SI 2018-040 Insurance and Pensions Commission (Levy) Regulations, 2018 (No. 1)