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:
- 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;
- 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;
- 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;
- 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;
- to advise the Minister on matters relating to insurance and pension and provident funds; and
- 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
- Multiple agents
- Loss Assessors