Chronicle Editor
Bruce Ndlovu, Sunday News Reporter
CABINET has approved the Insurance and Pensions Commission Amendment Bill which, among other things, will ensure that operations of National Social Security Authority (NSSA) and medical aid societies fall under the purview of the Insurance and Pensions Commission (IPEC).
The Amendment Bill seeks to ensure the maintenance of a fair, safe and stable insurance and pensions sector for the benefit and protection of policy holders and pension fund members.
Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said among its duties, IPEC would regulate NSSA and medical aid societies.
“Among other functions, the Board of the Insurance and Pensions Commission shall ensure compensation is paid to beneficiaries for losses they may incur, and shall determine the level of such compensation, based on the different classes of insurance policies or type of pension or provident fund. Above all, the Commission shall keep and maintain asset registers for insurers, insurance brokers, pensions and provident funds.
“The National Social Security Authority, Medical Aid Societies and any other persons conducting insurance business will now be subject to regulation by the Commission. The Insurance and Pensions Commission Bill will therefore strengthen the integrity of the insurance sector and enable it to play its role in supervising the sector,” she said.
The Bill also gives IPEC the powers to accredit actuaries, auditors, asset managers, credit rating agencies and other service providers.
“The Commission will conduct investigations where it sees fit for the purpose of preventing contraventions in the insurance sector through provisions of the Bill. The Commission may cooperate with any supervisory authorities, including foreign law enforcement authorities or insurance and pensions authorities in investigations, enforcement, co-ordination and harmonisation of laws, procedures and standards,” Minister Mutsvangwa said.
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