IPEC Strengthens Commitment to Integrity with Pledge Signing Ceremony
The Insurance and Pensions Commission (IPEC) on Monday held the Board and Management Integrity Sensitisation and Integrity Pledge Signing Ceremony, reinforcing its unwavering commitment to ethical governance and transparency.
The Zimbabwe Anti-Corruption Commission (ZACC) facilitated the ceremony held in Harare for the IPEC Board and Management.
In his opening remarks, IPEC Board Chairperson Mr Albert Nduna emphasised the critical role of integrity in the governance of the insurance and pensions industry.
“Integrity is not merely a principle we espouse but a value we must embody in our daily functions,” he said.
“It fosters trust, enhances our credibility, and ensures that the decisions we make are in the best interest of the public we serve.”
Mr Nduna added that the Integrity Pledge is more than a symbolic gesture, but a solemn commitment by IPEC’s leadership to uphold the highest ethical standards in their oversight of the insurance and pensions industry.
ZACC Chairperson, Honourable Michael Reza underscored the importance of integrity in the insurance and pensions industry and commended IPEC’s proactive stance in combating corruption.
He noted that corruption within the insurance industry often manifests in fraudulent claims, collusion between clients and employees, and exaggerated damages.
“The effects of corruption and fraud are devastating, particularly for the poor,” said Hon. Reza.
“Fraudulent claims drive up insurance costs, making it difficult for low-income earners to afford coverage. Moreover, corruption can result in legitimate claims being denied, depriving vulnerable individuals of essential financial protection.”
To combat these challenges, he pledged ZACC’s commitment to strengthen collaboration with IPEC and the Zimbabwe Insurance Crimes Bureau (ZICB) in investigating and preventing fraudulent activities.
Hon. Reza also underscored the role of integrity committees within organisations, describing them as the “frontline defenders of ethical conduct.” He encouraged board members to actively support and oversee the work of these committees to ensure robust anti-corruption measures are in place.
With the Integrity Pledge now firmly in place, IPEC embarks on a renewed journey of ethical governance, setting the stage for a more transparent and accountable insurance and pensions sector in Zimbabwe.
