IPC to implement Commission of Inquiry recommendations

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The Insurance and Pensions Commission

Grace Nyoni

HARARE – The Insurance and Pensions Commission says it is ready to spearhead implementation of the recommendations made by the Commission of Inquiry into the conversion of insurance and pension values from the Zimbabwean dollar to the multicurrency regime once it gets the go- ahead from Government.

The Commission of Inquiry Report was gazetted in March this year with recommendations among them that policyholders and pensioners who were prejudiced should be compensated.

In an interview on the sidelines of the Midlands Agricultural Show in Gweru recently, IPEC acting Public Relations Manager, Mr Lloyd Gumbo said the Commission awaited Government direction on implementation of the Commission of Inquiry recommendations.

“As you may be aware, the Commission of Inquiry was appointed by the President, so we are waiting for guidance from Government on the implementation of the recommendations,” he said.

The Commission of Inquiry, Gumbo said, came up with a number of recommendations some of them post-inquiry reforms and that IPEC should administer the compensation framework.

“As IPEC, we are already preparing for this task so that the moment we get the go-ahead to administer the compensation framework, we will hit the ground running.

“We are alive to the fact that policyholders and pensioners have been patient while waiting for conclusion of this matter, so we would not want to further delay the processes when we are given the mandate by Government,” he said.

However, Gumbo said it should be noted that even after getting the mandate from Government, it is not going to be an overnight exercise but a process until policyholders and pension fund members start receiving compensation.

“But we have already started on some of the processes to ensure the exercise does not take longer,” he said.

Meanwhile Gumbo urged motorists not to buy vehicle insurance from touts operating outside Zimbabwe National Roads Administration and Zimpost offices saying they were bogus.

“Motorists should desist from buying motor vehicle insurance from touts outside Zinara and Zimpost offices. They should only buy insurance from registered insurers of fixed aboard where one can walk into when they get involved in an accident to claim compensation. But if they buy insurance on the streets, they may find out that they have been sold fake cover notes,” said Gumbo.

He added that public transport operators should have valid passenger insurance so that passengers can be compensated in the event of an accident.

Furthermore, Gumbo warned commuters against boarding pirate taxis or Public Service vehicles without passenger insurance saying in the event of an accident, they would not be compensated.

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