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Pensions Commission Flags Funeral Insurer Targeting Teachers

Pensions Commission Flags Funeral Insurer Targeting Teachers

The Insurance and Pensions Commission (IPEC) has warned teachers against joining a pensions and funeral policy agency targeting teachers.

In a statement, the country’s pensions commission said the Zimbabwe Teachers Investment Trust (ZITIT) is not registered as an insurance company.

The warning comes after ZITIT announced that it had launched a funeral assurance plan for teachers. IPEC said:

Whilst IPEC is investigating the matter, teachers are warned against buying the said (funeral) policies as the entity in question is not registered as an insurance company.

Section 7(1) of the insurance Act prohibits unregistered entities from carrying out insurance business.

To this end, the commission again reminds consumers who want to buy insurance policies to only deal with registered entities.

Consumers can check beforehand with the IPEC entities that are authorized to render insurance services…

IPEC is a statutory board established in terms of the Insurance and Pensions Commission Act [Chapter 24:21] to regulate the insurance and pensions industry in the country.

More: NewsDay

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Bhobho 6 months ago

IPEC is acting in bad faith. You can't be a regulator and appear like a competitor at the same time. A regulator gives the legal framework to guide and it is their duty to punish where possible.

Pensioneer 6 months ago

IPEC is compromised and captured by Insurance companies to the detriment of pensioneers.

Doug 6 months ago

IPEC should just get this insurer to do the right thing, either to properly register with them and pay whatever fees, or, use whatever laws or regulations that have been broken to bring them to book. It is easier to tell this entity to regularize or close rather than trying to get a message to each and every one of the hundreds of thousands of teachers

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