The Insurance and Pensions Commission (IPEC) has noted that there are some entities that are illegally conducting insurance business as Legal Aid Societies without being registered with the Commission in terms of section 9 or section 13 of the Insurance Act [Chapter 24:07], as the case maybe.
Operating an insurance business, such as Legal Aid Societies, without being registered by the Insurance and Pensions Commission is a punishable offence in terms of section 7 or section 12 of the Insurance Act, as the case maybe.
The Commission, therefore, advises all entities illegally operating as Legal Aid Societies to submit their applications for registration with the Commission by 31 January 2019.
Please be advised that regulatory action will be taken against entities that fail to comply with this requirement by the set deadline.
By this same notice, the Commission wishes to advise the public against engaging entities that are illegally conducting insurance business. Members of the public are encouraged to exercise caution and request to see the insurer’s certificate of registration before purchasing any insurance policy.
The Insurance and Pensions Commission (IPEC) is a statutory body that was created in terms of the Insurance and Pensions Commission Act [Chapter 24:21] with the mandate of regulating the insurance and pensions industry in Zimbabwe.
IPEC: PROTECTING THE INTERESTS OF INSURANCE AND PENSION CONSUMERS
160 Rhodesville Avenue, Greendale, Harare
Tel: (0242) 443358/443361/443322
Cell: 0772 154 281/2/3/4
WhatsApp: 0772 154 281
Facebook: Insurance and Pensions Commission