Mushayakarara is new insurance board chairman

Melina Matshiya and Mr Godfrey Muirimi. The appointments were published in the Government Gazette of July 27 2012, General Notice 324.
There had been a public outcry about the conflicting interests of some IPEC board members leading to pension and insurance rights violations.

In terms of the Insurance and Pension Commission Act, the IPEC board serves to oversee the regulation of pension and insurance operations, with the primary objective of protecting consumers of pensions and insurance services.
Some of the former IPEC board members were involved in insurance and pension fund operations and were accused of pension and insurance rights violations.

One of the outgoing board members, Mr Douglas Hoto, is the chief executive of Afre Corporation and actuary to several pension funds.
Zimbabwe Pensions and Insurance Rights Trust general manager Mr Martin Tarusenga welcomed the appointment of the new board saying this was long overdue.

He said there were many outstanding issues that needed to be resolved including an investigation into how pensioners have been prejudiced by some of the established insurance companies.

“Results of the investigation into Afre and its insurance subsidiaries are still not public more than a year after IPEC undertook to investigate them.
“We understand that the report of the investigation has been forwarded to the Minister of Finance for ‘approval’ and we have not heard of anything ever since.”