IPEC OVERVIEW
The Insurance and Pensions Commission (IPEC) is a statutory body established in terms of the Insurance and Pensions Commission Act [Chapter 24:21], to regulate the insurance and pensions industry with the objective of developing the industry for the protection of insurance policyholders and pension fund members’ interests. Currently, IPEC regulates the Private Occupational Pension Schemes and the Individual Pensions Policies. The Commission commenced its operations in 2005 after it was weaned off the Ministry of Finance and Economic Development. The Commission is accountable to the Ministry of Finance and Economic Development
Players in the Insurance and Pensions Industry
Brokers
Individuals who arranges transactions between a buyer and a seller for a commission when the deal is executed.[/stm_icon_box]
Multiple agents
Independent agents who represent more than one company, and are therefore able to sell insurance from multiple carriers[/stm_icon_box]
Loss Assessors
Are independant claims specialists who investigate complex or contentious claims on behalf of insurance companies.[/stm_icon_box]
Pension funds
A superannuation fund is any plan, fund, or scheme which provides retirement income[/stm_icon_box]
Fund Administrators
Activities that are carried out in support of the actual process of running a collective investment scheme.[/stm_icon_box]
Insurance companies
Entities that provide a means of protection by managing risk associated with financial loss of any kind.[/stm_icon_box]