Home » Industry » Non-Compliant Firms Submit Recapitalisation Plans to IPEC

Non-compliant insurance companies have submitted their recapitalisation plans to the Insurance and Pension Commission for consideration.

IPEC last month revealed that only 12 of 25 operating insurance companies have complied with the minimum capital requirement of $1,5 million by June 30.

The 13 non-compliant insurers reported capital levels ranging from $520 000 to $1,49 million.

Speaking on the sidelines of the Insurance Institute of Zimbabwe graduation ceremony on Friday, IPEC’s commissioner Mrs Marnet Mpofu confirmed that they were in receipt of recapitalisation strategies from the non-compliant companies.

“We are currently going through them and by August or September we will be able to say who is in or out,” she said declining to disclose any further details.

In its short-term insurance report for the first quarter ended March 31, 2014 IPEC had suggested that non-compliant insurance companies consider merging in the event that they fail to raise capital.

Meanwhile 163 graduates on Friday received certificates after completing studies in three different disciplines.

Twenty of the graduates received Associateship certificates, 127 certificates of proficiency in insurance and the other 16 diplomas in insurance.

The most outstanding student was Mrs Nellia Matarutse who was the overall best student in short term business and certificate of proficiency.

National University of Science and Technology’s acting dean of Commerce Mr Takaivona Vhimisai who was guest of honour called for partnerships between professional bodies such as IIZ and universities for training to remain relevant.

“Such partnerships promote the spirit of togetherness and a shared vision in as far as the industry’s training agenda is concerned.

“Consultations and close monitoring among these stakeholders guarantee the provision of good quality programmes of study,” he said.

He called on the graduates to use the skills and knowledge that they have acquired to help build the insurance industry and enhance customer care.

“I would like to think that the skills you acquired during training have immensely improved your aptitude for customer care and that from now on your client handling approach will change for the better,” he said.

IIZ president Mr Chomi Makina said the institute was finalising plans to introduce a Fellowship programme in partnership with NUST.

“To those who finished the Associateship brace for the fellowship which is earmarked for introduction soon. We will be offering the programme in conjunction with our partners NUST

“It is therefore befitting that we have NUST’s acting dean of Commerce as our guest of honour today,” he said.

Source : The Herald