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The Insurance and Pensions Commission (IPEC) has directed that with effect from 1 July 2023, subscribers of funeral policies will now pay premiums amounting to US$6 000, or the equivalent in local currency, before their policies are deemed fully paid up.
This brings to an end all forms of perpetual premium payments by funeral policyholders.
The new regulations also mean that most premium funeral policy payouts will not exceed the US$6 000 ceiling. The directive reads in part:
<blockquote>
Each funeral policy covering a single life shall be limited to a maximum sum assured not exceeding an amount of US$6 000 or the Zimbabwe dollar equivalent using the prevailing interbank exchange rate.
</blockquote>
IPEC has also directed all underwriters providing funeral assurance products to comply with Section 60 (1) (a) and (b) of the Insurance Act (Chapter 24:07), with regard to grace periods allowed before a policy lapses.
In terms of Section 60 of the Insurance Act, grace periods for funeral policies range from six months (for policies in duration of force of five years or over and less than seven years) to 60 months (for policies in duration of force of 25 years or over). IPEC said:
<blockquote>
Where a policyholder has continuously paid premiums for an existing secondary policy and met all the terms and conditions of the policy, he/she is entitled to cash in lieu of service that is equivalent to the sum assured of the policy.
… Going forward, all annually renewable policies will have a limit of three years after which they become long-term policies with a maturity date and shall have a term not exceeding 25 years from the date of conversion from an annually renewable policy to a long-term policy.
The policy shall mature at the end of the premium paying term.
</blockquote>
The new regulations follow complaints by policyholders over the design of local funeral policy products and practices of funeral assurers.
Some of the issues raised by aggrieved policyholders include the design and sale of products and services (for example, funeral policies that do not mature), delays in settling valid claims, and high penalties for policy terminations, among others.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Pindula News

Reprieve For Funeral Policyholders As IPEC Announces New Regulations

Members of Parliament want the Insurance and Pensions Commission (IPEC) to regulate the National Social Security Authority (NSSA) and medical aid societies as they are multi-billion-dollar institutions.
This came out during the debate on the Insurance and Pensions Bill, which is currently in the Second Reading Stage in the National Assembly. Harare East legislator Tendai Biti (CCC) was quoted by <a href="https://www.newsday.co.zw/local-news/article/200008150/mps-demand-nssa-regulation">NewsDay</a> as saying:
<blockquote>
Medical insurance companies and NSSA must be regulated by IPEC as was the original amendment in the Bill.
The health system has been compromised in Zimbabwe because of the shoddy services by medical aid societies like Cimas and the Premier Service Medical Aid Society (PSMAS).
</blockquote>
Kambuzuma legislator Willias Madzimure (CCC) said people were losing their money at NSSA and medical aid societies, therefore, there is a need to regulate the institutions.
More <a href="https://zero.pindula.co.zw/">Pindula News</a>

MPs Want NSSA, Medical Aid Societies To Be Regulated

More than 50 companies are deducting amounts from their employees’ salaries and wages but failing to pay the money to the relevant retirement funds.
The pension scheme members will inevitably receive reduced or no benefits at all, yet their earnings are being deducted.
This comes as the pension contribution arrears hit ZWL$5.3 billion at the end of March this year.
The Insurance and Pensions Commission (IPEC) on Wednesday named 50 defaulting companies that have been deducting pension contributions from employees but failing to remit to respective pension funds. IPEC said:
<blockquote>
IPEC has noted with concern, the continued failure by some sponsoring employers to remit pension contributions to their respective pension funds, to the detriment of pension scheme members, who end up receiving reduced or no benefits, when they become due.
IPEC has been receiving complaints from pension scheme members who have received reduced or no benefits owing to failure by their sponsoring employers to remit pension contributions after deducting the same.
IPEC calls upon trustees of the affected pension funds to put measures in place to ensure the said employers remit outstanding contributions, for the benefit of their pension scheme members.
In addition, labour organisations are urged to engage the employers who are not remitting pension contributions for the purposes of protecting members against old-age poverty.
</blockquote>
The 50 defaulting companies named by IPEC include the Zimbabwe Revenue Authority (ZIMRA), OK Zimbabwe, FBC Holdings, ZESA Holdings and its subsidiaries, the National Railways of Zimbabwe, Hwange Colliery Company Limited, Zimplats, RioZim, Harare City Council, Bulawayo and Chitungwiza City Councils, among others.
The law compels all companies to remit contributions into the pension fund within 14 days from the end of the calendar month to which the pension contribution relates.
<h4>More: <a href="https://businesstimes.co.zw/50-companies-fail-to-remit-pension-contributions/">Business Times</a></h4>

50 Companies Fail To Remit Pension Contributions

Unclaimed pensions in Zimbabwe have risen from around $27 million in June 2019 to about $196 Million now Business Times reports. According to the publication, this is largely due to lack of knowledge on the part of pension scheme members and or as a result of poor record-keeping by the pension funds themselves or outdated records, which makes it difficult for the pension funds to trace the members.
speaking about the issue IPEC commissioner, Grace Muradzikwa said:
<blockquote>The Commission is concerned that pension funds are holding on to ZWL$196m in unclaimed benefits, which speaks to the importance of keeping good databases This is quite a challenge and worrisome</blockquote>
Commenting on the issue a member of the NEC in the clothing industry Mehluli Moyo said:
<blockquote>Every month, employees gave up a portion of their earnings in order to provide themselves and their families when they retire. We want everyone to claim what they are entitled to. But, their hopes have been dashed as many have not been paid the pensions that they are owed. Employees should be sensitised on the matter so that they can claim their vital benefits because many are unaware that that they are members of retirement funds and are not aware of benefits owing to them.
It’s unfortunate that members of retirement funds are not kept up to date on the state of their funds. Some members are also to blame because they don’t inform their dependents they had benefits owing to them. It’s critical that members of pensions fund open up and inform dependents about their retirement funds.</blockquote>
According to a report by IPEC, 153 000 pensioners have not claimed the vital benefits they are entitled to in retirement.
More: <a href="https://businesstimes.co.zw/nearly-zwl200m-of-pensions-unclaimed-in-zim/">Business Times </a>

Unclaimed Pensions In Zimbabwe Rise To $196 Million

An Insurance and Pensions Commission (Ipec) has confirmed that about $30 million is lying idle in unclaimed pensions as close to 50 000 pensioners have not been collecting their monthly pension payouts. The number has since gone up from the $25 million that was lying idle in the first quarter of the year after 24 000 pensioners failed to collect their pension payouts.
Lloyd Gumbo Ipec public relations officer said that the insurance sector regulator was now working on publishing a list of the beneficiaries adding a system to access the pension’s database was also being developed. According to Gumbo some of the unclaimed funds belong to immigrant pensioners who have since gone back to their home countries.
Said Gumbo:
<blockquote>As Ipec we have requested a list of pension fund beneficiaries who have not been claiming their funds or their money. We have requested the list and have since been given some of the names but not all of them. They are still compiling so what we intend to do is to make it easy for these beneficiaries to be able to access or know that they have benefits that they have not claimed. We intend to publish the names of all the people who have not claimed their dues. The figure has gone up. These people are now almost 50 000, who have not been claiming their money which amounts to about $30 million which has not been claimed. The money is put into what is known as a Guardian Fund then eventually used for national infrastructure development projects if five years lapse without the money being claimed. The most common case is with Malawian and Mozambique nationals who went back to their home countries. The Mining Industry Pension Fund has even followed some to their countries so that they can come back and claim their pensions.In other instances there are Zimbabwean employees who have even forgotten about the pensions
More :<a href="https://www.dailynews.co.zw/articles/2018/09/18/30m-unclaimed-pensions" rel="noopener" target="_blank"> Daily News</a></blockquote>

$30 Million Lying Idle In Unclaimed Pensions

The National Social Security Authority (NSSA) is launching a voluntary pension scheme for the informal sector. NSSA expects the pension scheme to be running by year-end. The scheme would have benefits that include a retirement pension, survivor’s pension, injury at work compensation and funeral grant.
Speaking at a meeting of informal traders NSSA regional manager Agnes Chikwavaire said:
<blockquote>We now want to extend coverage to the informal sector where they will voluntarily contribute to NSSA to cover their future. We received a positive response from the survey we conducted.
People understand the importance of social security and we expect them to register in their numbers.</blockquote>
More: <a href="http://www.newzimbabwe.com/news-35661-Vendors+pension+scheme+ready+NSSA/news.aspx">New Zimbabwe </a>

NSSA to launch pension scheme for informal sector

According to the  Insurance and Pensions Commission (Ipec),  Zimbabwean Insurance  companies are making losses despite generating millions of dollars due to the harsh economic conditions currently prevailing.
Life insurance firms saw a decline in profits of 46% from $69 513 in the nine months to September in 2015 to $37 750 in the same period this year.  The net premium for the  period under review was   $257 million  while total costs were $219 Million.
In a statement Ipec said:
<blockquote>Total costs were $219 million resulting in a combined ratio of 85 percent, a 14 percent growth from the same period last year.</blockquote>
An Insurance expert also said:
<blockquote>The decimation of the industry, which intensified following the switch to dollarisation in 2009, has deepened, with quarterly cancellations in the life business averaging 37 percent in the past two years.</blockquote>
More: <a href="https://www.dailynews.co.zw/articles/2016/12/05/insurance-firms-continue-to-bleed">Daily News</a>

Insurance firms experience 46% decline in profits, as industry continues to bleed

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