Legislative changes for better quality insurance in Zimbabwe

The Insurance and Pensions Commission (Ipec) is in favor of the adoption of three draft bills by the Zimbabwean parliament in order to harmonize local laws with international standards.

The proposed legislation in question refers to:

• The pension and provident Act
• The insurance Act
• Amendments of the Insurance Commission Act

According to Nhau Chivingira, Insurance and Micro Insurance Manager at Ipec, these legal advances will help not only to comply with international insurance standards but also to provide quality service to policyholders.

The legislation will also guarantee administrative and financial independence of Ipec. The government is currently working on how to define Ipec’s funding mechanism.

Read also:

• Termination of loss-making professional pension funds in Zimbabwe