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The Insurance and Pensions Commission (IPEC) has with immediate effect suspended Heritage Life Limited from writing new business.
In a statement, IPEC said it conducted an onsite inspection of Heritage Life Limited and unearthed compliance and governance deficiencies resulting in the suspension. Read the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC) advises the public that it has suspended Heritage Life Limited from writing new business with immediate effect.
The decision was arrived at after IPEC conducted an onsite inspection of the entity in terms of Section 6 (b) of the Insurance Act [Chapter 24:07], which empowers IPEC to supervise the activities of registered insurers with the objective of ensuring the protection of policyholders.
The inspection revealed significant compliance and governance deficiencies, leading to IPEC issuing a Corrective Order to Heritage Life Limited.
To ensure existing policyholders are not prejudiced during this period, the company is allowed to continue managing the existing business so that current policyholders continue to receive services.
Meanwhile, IPEC will continue monitoring the implementation of the Corrective Order by Heritage Life Limited to ensure that the observed deficiencies are resolved for the protection of policyholders.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

IPEC Suspends Heritage Life Limited From Writing New Business

The short-term insurance industry has now implemented the No Premium No Cover Policy following the promulgation of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The regulations stipulate that policyholders are required to pay their premiums in advance to avoid non-payment of claims in the event of the risk insured against occurring.
In a statement issued on 08 November, the Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) urged policyholders to familiarise themselves with the new regulations, that is SI 81 of 2023. Reads the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) announce the gazetting of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The Statutory Instrument was introduced to address the unsustainable high premium debtors within the books of short-term insurers, which threatened their liquidity and soundness.
According to the Statutory Instrument, short-term insurers and brokers dealing in short-term insurance are prohibited from providing insurance coverage on credit.
Insurance cover at the inception or the renewal of a policy shall be activated upon payment of the required premium.
For the avoidance of doubt, non-payment of premiums at policy inception or renewal means the policy was not taken up or the policy lapsed, respectively.
Section 5AA. (1) states that: “The receipt of an insurance premium shall be a condition for a valid contract and there shall be no cover in respect of an insurance risk unless the premium is paid in advance.“
Premiums may be paid directly to an insurer if one is directly insured or may be paid to a broker if insured through a broker.
The provision of Section 5 AA. (1) excludes policies providing insurance for crops in terms of the Farmers Stop Order Act (Chapter 18:11).
Policyholders are advised to pay their premiums in advance in terms of the provisions of Statutory Instrument 81 of 2023 to avoid non-payment of claims in the event of the risk insured against occurring.
Meanwhile, there are ongoing engagements with financial institutions to avail insurance premium financing to assist policyholders in timeously paying premiums.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Short-term Insurance Industry Implements "No Premium No Cover" Policy

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>

Reprieve For Funeral Policyholders As IPEC Announces New Regulations

The Financial Intelligence Unit (FIU) has reportedly commenced investigations into individuals implicated in money laundering activities and illicit gold dealings in Al Jazeera’s documentary revealing alleged criminals driving gold smuggling and money laundering worth billions of dollars in Southern Africa.
Last week the Insurance and Pensions Commission (IPEC) launched investigations into Uebert Angel and Ewan Macmillan in a bid to ascertain the assets they own as well as the duo’s recent transactions.
Angel, who is President Emmerson Mnangagwa’s special envoy and ambassador-at-large to Europe and the Americas, and Macmillan are both mentioned in the Al Jazeera documentary as part of an alleged band of money launderers.
<a href="https://www.newzimbabwe.com/financial-intelligence-unit-widens-probe-into-individuals-fingered-in-gold-mafia-documentary/">NewZimbabwe.com</a> reported a highly placed source in the FIU as saying the investigation nets have been widened. Said the official:
<blockquote>
The scope of investigations has now been widened to target every individual featured in the documentary in order to establish their financial activities in a bid to ascertain the magnitude of their misconduct if any.
These measures are in a bid to ensure that Zimbabwe, which was recently removed from the grey list of the Financial Action Task Force (FATF) in March 2022 after being deemed compliant in upholding the required global anti-money laundering banking standards.
So authorities now need to know whether these people have at any given time laundered money into Zimbabwe and how they managed to navigate while circumventing the regulatory measures in place.
There is suspicion that there could have been enablers within the rank and files of authority.
Plans are that if unearthed, the appropriate course of law must take effect both within and beyond the borders.
</blockquote>
Individuals mentioned in the documentary include Angel’s personal assistant Rikki Doolan, Simon Rudland, Henrietta Rushwaya, Alistair Mathias and Kamlesh Pattni.
More: <a href="https://www.newsday.co.zw/local-news/article/200009522/ed-demands-re-run-in-violence-hotspots">Pindula News</a>

Financial Intelligence Unit Investigating Individuals Fingered In Gold Mafia Documentary

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

The Insurance and Pensions Commission (IPEC, the statutory body regulating the insurance and pensions business in Zimbabwe, says it has taken note of the grievances that have been raised by the public regarding funeral assurance products’ design and pricing.
IPEC said they were already talking with the industry on the need for changes to product design and broader industry reform.
There has been debate on social media platforms in recent days about Nyaradzo Group’s funeral benefits, with some commentators accusing the end-of-life industry firm of fraud.
Nyaradzo has been accused of ripping off its clients by revoking policies if the assured fails to pay subscriptions for three months when they will have been paying them consistently for three decades.
In a statement seen by Pindula News, IPEC said it is seized with the concerns raised by the public and will update stakeholders on the outcome of its ongoing engagement with funeral assurers. Reads the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC) has taken note of ongoing discussions on social media, regarding funeral assurance products and pricing in Zimbabwe.
IPEC acknowledges the concerns that have been raised by the public on the matter and wish to advise that prior to the current discussions on the matter, IPEC, in line with its mandate of protecting the interests of policyholders, was already in engagement with funeral assurers through their association Zimbabwe Association of Funeral Assurers (ZAFA) on these and other issues.
These engagements, which also centre around product design and pricing, are expected to culminate in reforms that will ensure the vibrancy and sustainability of the sector and the protection of policyholder interests.
IPEC will update stakeholders on the progress regarding this exercise.
</blockquote>
IPEC said policyholders with complaints against any of IPEC’s regulated entities, can raise their complaints with IPEC using the contact details below:
HEAD OFFICE- 160 Rhodesville Ave, Greendale, Harare, Zimbabwe +263 (242) 443358/59/61 1443322 1444033 +263 772 154 281-4
COMPLAINTS HANDLING OFFICE HARARE-Kingstons House, Cnr Leopold Takawira/Kwame Nkrumah Avenue, Harare, Zimbabwe
+263 (242) 749491/94
COMPLAINTS HANDLING OFFICE BULAWAYO- Office Number 18, Bulawayo Centre, Cnr Joshua Nkomo Street &amp; 9th Ave, Bulawayo, Zimbabwe +263 (292) 261 822
WhatsApp No: +263772154281
Email: enquiry@ipec.co.zw
Website: www.ipec.co.zw

Insurance Regulator Wades Into Debate On “End-of-life Industry” After Nyaradzo Is Accused Of Fraud

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