The Insurance and Pensions Commission is receiving technical assistance from the World Bank to strengthen the legal, regulatory, institutional and supervisory frameworks of Zimbabwe’s insurance and pensions industry. This is expected to contribute to the sector’s; development, stability and sustainability. The technical assistance, is being offered in three phases; namely a three-staged training programme for supervisory staff, benchmarking the legal framework with international standards and review of supervisory frameworks, manuals and processes.
The 24-month capacity building programme is being funded by the Financial Sector Reform and Strengthening (FIRST) Initiative. The assistance is running under the umbrella programme: "Strengthening Insurance, Pension and Banking Sectors in Zimbabwe.
Speaking at one of the training sessions recently, World Bank country manager for Zimbabwe, R. Mukami Kariuki said they were excited to partner IPEC. “It has been great to see you build that camaraderie that we have heard about today, and you are starting to do this very interesting work in a very difficult and challenging time.
“So we wish you all the best in the work that you are going to do. God speed and we really look forward to continuing this collaboration with all of you.” IPEC Commissioner, Grace Muradzikwa said: “On behalf of the Commission, I thank you for the capacity building you are doing.
“I can see already, the motivation levels here. I think there is something that you did right, and we certainly hope to continue working together. “But we really appreciate, and I’m sure there will be evidence of the training that you have given us.”
Supervisory staff have so far, undergone three phases of training namely; basic course on fundamentals of insurance and pensions; an introductory to supervision and Intermediate and Advanced Course on Insurance and Pensions Supervision.
The World Bank partnered with the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) who provided some resource persons at the Intermediate and Advanced Course.A