Government commit to reform insurance and pensions sector
FINANCE Minister Mthuli Ncube has said government is seized with legal reforms targeted at the legislation governing insurance and pensions and expect three bills to be sent to parliament by the first half of the year.
In his inaugural meeting with industry players, Ncube said the bills have taken too long at drafting stage.
“I understand the Bills took long at drafting stage. However, I wish to give you assurance that all the three Bills will be introduced in Parliament during the first half of this year,” he said.
He added that government through his ministry is also ready to consider proposals from the industry that are essential for facilitating a conducive environment for the insurance and pensions industry.
“I urge the insurance industry to be part of the solution to the challenges affecting our economy through contributions to policy debates and feedback on policies that would have been pronounced by Government.
“I am confident that the insurance and pensions industry, which is home to diverse skills, will come up with pragmatic solutions to some of the challenges we are facing as a country,” he said.
Mthuli also reaffirmed government’s commitment to reform the insurance and pensions industry for the betterment of lives of the insured and pensioners.
He said key on the Government’s agenda, is the need to implement reforms recommended by the Justice Smith-led Commission of Inquiry as re-affirmed in the recent consecutive National Budget Statements.
“Government’s efforts will be in vain if we do not get commitment from industry practitioners and IPEC. Let us all play our part to ensure the future sustainability and relevance of the industry,” he said.
Ncube said restoration of consumer confidence should be a key priority for every player in the industry and government, through IPEC is already seized with the need to restore consumer confidence.
He said the guidance on currency reforms, which was circulated to the market on 31 January 2020, is one of such measures that are aimed at restoring consumer confidence.
Other measures include strengthening the supervisory framework for Treating Customers Fairly and consumer education programmes.