IPEC deregisters two insurance firms for failing to meet minimum capital threshold

The Insurance and Pensions Commission (IPEC) has preregistered two insurance firms for failing to meet the  minimum capital threshold of $1,5 million.  The two firms Heritage Insurance and Excellence Insurance are both non-life insurance companies, and have been suspended from doing any business.  This comes after KFMS Insurance was deregistered in the last quarter leaving the number of non-lifer insurance companies at 20.

In a notice from IPEC commissioner Manette Mpofu, the body said:

It is hereby noticed that in terms of section 23 of the Insurance Act (Chapter 24:07), the following insurance companies have had their certificates of registration cancelled: KFMS Insurance Company, Heritage Insurance Company of Zimbabwe and Excellence Insurance Company.

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