Mandate / Core Functions

The Insurance and Pensions Commission (IPEC), is a statutory body regulating insurance and pensions business in Zimbabwe. It is a result of the enactment of the Insurance and Pensions Commission Act [Chapter 24:21].

Functions and powers of the Commission

The functions of IPEC in terms of Section 4(1) of the Insurance and Pensions Commission Act are as follows:

  1. 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;
  2. 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;
  3. 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;
  4. 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;
  5. to advise the Minister on matters relating to insurance and pension and provident funds; and
  6. to perform any other function that may be conferred or imposed on the Commission in terms of this Act or any other enactment.

Players in the Insurance and Pensions Industry

  • Pension funds
  • Fund Administrators (Other than Life Insurance Companies)
  • Insurance companies
  • Brokers
  • Multiple agents
  • Loss Assessors
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