peter
Oliver Kazunga, Acting Business Editor
THE Insurance and Pensions Commission (Ipec) intends to cancel registration certificates for some of the firm’s in the for failing to comply with licensing requirements in terms of the law.
Last week, the commission issued a notice indicating in terms of Section 38 (1) of the Insurance Act (Chapter 24:07) four companies will be de-registered.
The firms are: Ambassador Insurance Brokers, Auto and General Insurance Brokers, Hostcare Insurance Brokers, and Revival Insurance Brokers.
“The reason for cancellation of the registration is failure to comply with Ipec requirements which include; non-submission of quarterly and annual returns in violation of Section 64(1) of the Insurance Act [Chapter 24:07]; non-payment of annual fees in violation of Statutory Instrument 59 of 2020; and non-payment of quarterly levies in violation of Statutory Instrument 11 of 2020.”
The above firms are also facing offences related to non-payment of penalties levied against the entities in terms of Section 64(3) of the Insurance Act [Chapter 24:07], and failure to respond to various communications from Ipec.
Ipec said, it has to no avail, tried to contact the institutions at their last known business addresses which have been vacated without notifying the commission in line with licensing requirements Section 84A of the Insurance Act.
-@okazunga
Online Reporter