Sidumisile Mabena
Gibson Mhaka [email protected]
THE Insurance and Pensions Commission (IPEC) has cancelled the registration of Heritage Life Limited as a life assurance company after the firm allegedly failed to comply with key regulatory requirements, in a move aimed at protecting policyholders and pension contributors.
In a public notice issued on Tuesday, IPEC said the cancellation was effected in terms of Section 22 of the Insurance Act [Chapter 24:07], citing multiple breaches by the company.
The regulator said Heritage Life failed to meet minimum capital requirements, had poor asset quality, and did not adhere to prescribed corporate governance standards.
IPEC also noted that the company failed to submit audited financial statements and actuarial valuation reports as required under Section 30 of the Insurance Act.
“Despite IPEC’s engagements with Heritage Life Limited Company, the life assurer has failed and neglected to comply with its obligations,” the Commission said.
Following the cancellation, IPEC has urged all affected policyholders and members of the Heritage Life Group Umbrella Fund to urgently engage the Commission.
Policyholders are required to submit their full names, identity numbers, contact details, policy or membership numbers, as well as copies of policy documents or proof of membership to facilitate assistance.
IPEC said the documents can be submitted at its offices in Harare and Bulawayo or through its official communication channels.
The move underscores the Commission’s mandate to safeguard the interests of insurance and pension consumers, particularly in cases where service providers fail to meet statutory obligations.
Authorities have not indicated the immediate next steps regarding the company’s liabilities, but the regulator’s intervention signals increased scrutiny within the insurance sector.
Bongani Ndlovu