IPEC Hosts Workshop with Parliamentary Portfolio Committee on Budget, Finance, and Investment Promotion to Discuss the Insurance and Pensions Commission Amendment Bill
The Insurance and Pensions Commission (IPEC), in collaboration with the Parliamentary Portfolio Committee on Budget, Finance, and Investment Promotion, hosted a workshop last Friday in Harare to unpack the Insurance and Pensions Commission Amendment Bill, which was gazetted in December last year.
The workshop provided a platform for the Parliamentary Portfolio Committee, IPEC, the Ministry of Finance, Economic Development and Investment Promotion, and the Attorney General’s Office to analyse and discuss the proposed amendments in the Bill.
Key proposed changes include bringing medical aid societies under IPEC’s regulatory oversight and the establishment of a Policyholder Protection Fund.
In his opening remarks, the Chairperson of the Parliamentary Portfolio Committee on Budget, Finance, and Investment Promotion, Hon. Dr. Energy Mutodi, emphasized the Bill’s role in promoting good governance, financial stability, and policyholder protection.
“The Bill introduces several key amendments, including the expansion of the Commission’s functions, the establishment of new governance structures, and the creation of the Policyholder and Pensions and Provident Fund Members Protection Fund,” said Hon. Mutodi.
“These changes are designed to align our regulatory framework with international best practices while addressing the unique challenges faced by our local industry.”
He further underscored the importance of an informed parliamentary debate, stressing the need to align the Bill with international standards to modernize the sector and safeguard policyholders and pensioners.
Hon. Mutodi added that the proposed amendments aim to align the regulatory framework with the Constitution, the recommendations of the Justice Smith-led Commission of Inquiry on the Conversion of Insurance and Pension Values, and to modernize the regulation and supervision of the insurance and pensions industry.
IPEC Board Chairperson, Mr. Albert Nduna, echoed these sentiments, noting that the proposed amendments are a crucial step toward improving regulatory oversight, transparency, and consumer protection.
“In an era of evolving financial landscapes, emerging risks, and increasing consumer expectations, it is essential that the regulatory framework for this strategic industry remains robust, adaptive, and in line with global standards,” said Mr. Nduna.
He also highlighted that the Bill incorporates recommendations from the Justice Smith-led Commission of Inquiry on the Conversion of Insurance and Pension Values post-dollarisation, which has long been a concern for stakeholders.
IPEC is scheduled to present the Bill to the rest of the parliamentarians this week. The Commission remains committed to working with Parliament and industry stakeholders to enhance regulatory oversight, protect policyholders and pension scheme members, and align Zimbabwe’s insurance and pensions industry with international standards.
