IPEC de-registers 61 insurance firms

Senior Reporter
The Insurance and Pensions Commission has de-registered 61 insurance and assurance companies for failing to meet capital requirements and to pay claims running into millions of dollars. IPEC Commissioner Mrs Manett Mpofu confirmed the development but did not reveal the names of the firms.

“Sixty-one companies have been de-registered from 2009. The major reason is failure to meet capital requirements and to pay claims,” Mrs Mpofu said.

She said Statutory Instrument 183 of 2009 sets minimum capital requirements of US$300 000 for short-term insurance companies, US$400 000 for reinsurance companies and US$500 000 for life assurances.

Mrs Mpofu said most parastatals were not remitting pension contributions because of poor performance and unprofitability.
“IPEC has contacted all firms with arrears to submit payment plans which we are closely monitoring,” she said.