Item Requirement
1. Have you paid the application fee appropriate to your class of insurance business? (Refer to Statutory Instrument 23 of 2016).
2. Have you cleared the name you intend to use with IPEC?
3. If you have cleared the name, you can now submit your application online( and attach the following information:
Institution Information
4. Do you have the following:
a)     Certified copies of Certificate of Incorporation
b)     Memorandum and Articles of Association, with one of the objects being to conduct insurance business
c)      Any other documents (if any) constituting the applicant and regulating the conduct of the applicant’s business or if the applicant seeks registration as a mutual society, the constitution and by-laws of the society, together with sworn statement that the society has complied with sections 17 and 18 of the Act.
d)     A statement certified by the chairperson, a director and the auditors of the applicant showing the authorized and paid up capital of the applicant not earlier than thirty days before the date of the application? (This does note apply to those applicants seeking registration as mutual societies)
e)     A balance Sheet, profit and loss account and revenue accounts in respect of the last preceding financial year? (Applies to applicants who were carrying insurance business before the date of application)
f)       A statement by an Actuary on the actuarial soundness of the proposed business?  (This applies to applicants who want to carry life insurance business.) Details of the institution’s cheque signatories should be sent as well.
g)      A letter from an executive officer of a bank registered in terms of the Banking Act [Chapter 24:20] with which the applicant intends to operate an account confirming that the application is a customer or has been accepted as a customer of the bank.
h)     An abstract of the report of an actuary on the last investigation into the applicant’s financial position in which a valuation of its liabilities was made. (This applies if the applicant is carrying on life insurance business)
i)        A certificate of Solvency in Form 5, 6 or 7 as may be appropriate.
j)       Tax clearance certificate for your company.
k)      Documentary Evidence of a Reinsurance Programme.
l)        Standard contract of employment.
5. Does your institution’s shareholding structure comply with Insurance legislation? No shareholder and his or her close relatives shall own or control more than 40% of the voting shares of the applicant. Every Insurer or insurance broker must have at least three shareholders. (refer to Statutory instrument 59 of 2005)
6. Do you have a copy of lease agreement for head office and all branches?
7. Do you have capital that complies with the minimum stipulated for your class of insurance business? The following are the minimum capital requirements:

USD5,000,000 for Life assurers, USD2,500,000 for Short Term Insurers, USD5,500,000 for Reinsurers – Life and Reinsurers – Short, USD2,500,000 for Funeral Assurers, $250 000 for Fund Administrators, $200 000 Professional Indemnity & $100 000 approved securities for Brokers and $75 000 Professional Indemnity & $25 000 approved securities for Multiple Agents. Proof must be submitted in the form of a recent bank statement and Form CR2. If authorized share capital has been increased, have you submitted Forms CR5, CR11 and a revised Form CR2? If the company is already existing proof must be in form of audited accounts. All the relevant documentation supporting the existence of capital should be submitted. Capital should not be in the form of borrowed funds.

(Refer to Statutory instrument 95 of 2017.)

8. Does your company have at least three (3) directors? (Please submit Form CR14) (refer to Statutory instrument 59 of 2005)
9. Has your company appointed Auditors and Actuaries?
10. Have you paid levy to IPEC? (Applies to applicants for renewals)
Shareholders Directors and Senior Management Information
11. Has each individual shareholder, director and senior manager provided the following documents:
a)      A statement disclosing full details of any directorship or managerial post held in any other insurer, mutual society, insurance brokerage company or other applicant for registration as such.
b)      Completed personal questionnaire form. (Applies to Directors and senior managers)
c)       Curriculum vitae containing details of their qualifications or experience in the field of insurance and their employment history (applies to directors and senior managers).
d)      Police Clearance Certificate issued within the past six months by the Zimbabwe Republic Police.
e)      Tax Clearance Certificate issued by the Zimbabwe Revenue Authority.
f)       Networth Statement
m)   A declaration that he or she is a fit and proper person to be director or manager of the applicant, that is to say he or she:

i.         has not within the period of 10 years immediately preceding the date of the application, been convicted of any offence involving theft, fraud or dishonesty;

ii.         has not been prohibited, whether for a period or indefinitely from carrying on business as an insurer or as a bank, building society or pension fund manager, or from practicing as a stockbroker, public accountant, public auditor, legal practitioner or other profession for the practice of which provision is made under any enactment;

iii.         has not in any application return or other document required to be furnished to the Commissioner under the Act or to the relevant authority under any enactment governing banks, financial institutions, building societies, pension funds or the Zimbabwe Stock Exchange,

iv.         furnished the Commissioner or the relevant authority with information that is materially false, inaccurate or misleading;

v.         has not been associated with any other business practices or otherwise conducted themselves in such a manner as to cause doubt on their competence, integrity and soundness of judgment; and

vi.         has not been a manager or director of a failed insurance institution or been responsible for the failure of such institution.

12. Business Plan Information
a)      Have you prepared a business plan? (refer toStatutory instrument 59 of 2005)
b)      Does the business plan have:
i)        Identifying information (Form CR6 can be enclosed);
ii)       Organization structure with the names of senior managers inscribed therein;
iii)     Market analysis;
iv)     Business strategy and objectives;
v)      Projected balance sheet, projected profit and loss account and projected cash flow statement  for the first 3 years; and
vi)     Comprehensive complaints procedure
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