Staff Writer
HARARE, The National Social Security Authority (NSSA) will now fall under the regulatory oversight of the Insurance and Pensions Commission (IPEC) following President Emmerson Mnangagwa’s signing into law of the IPEC Amendment Bill last Friday.
The President’s assent was announced by Chief Secretary to the President and Cabinet, Martin Rushwaya, in General Notice 555 of 2026 published in an Extraordinary Government Gazette.
“The following law, which was assented to by His Excellency the President, is published in terms of subsection (6)(a) of section 131 of the Constitution of Zimbabwe — the Insurance and Pensions Commission Amendment Act, 2026 (No. 2),” said Dr Rushwaya.
Under Section 4(a) of the new law, IPEC’s functions and powers have been expanded to include the registration and supervision of insurers, mutual insurance societies, insurance brokers, medical aid societies, pension and provident funds, as well as NSSA.
The regulator will ensure compliance with the Insurance Act (Chapter 24:07) and the Pensions and Provident Funds Act (Chapter 24:32), as applicable.
NSSA, a statutory body established to provide a national social insurance safety net, previously operated under the Ministry of Public Service, Labour and Social Welfare.
The President’s assent effectively ends lobbying efforts by some stakeholders who had urged him not to sign the Bill after its passage through Parliament, including NSSA itself and the Tripartite Negotiating Forum (TNF).
The TNF, Zimbabwe’s principal platform for social dialogue that brings together Government, business and labour, had argued alongside NSSA that the transfer of oversight posed a “structural risk” to workers’ savings.
They also contended that IPEC lacks the capacity to supervise NSSA, citing its traditional focus on private insurance and pension entities.
The IPEC Amendment Act was steered through Parliament by Finance and Economic Development Minister Mthuli Ncube, who said the measure is designed to strengthen accountability at NSSA following numerous cases of abuse of funds and weak corporate governance at the State-run pension fund.
Beyond broadening IPEC’s supervisory mandate, the new law seeks to enhance regulation, supervision and monitoring of the insurance and pensions sector, while promoting a fair, safe and stable industry for the protection of policyholders and pension fund members. It also emphasises adherence to principles of accountability and transparency, alongside encouraging sector development.
The Act further provides for the establishment of a Policyholders and Pensions and Provident Fund Members Protection Fund, which will be vested in and administered by the IPEC board.
Managed by a board appointed by the Minister of Finance, the fund will compensate beneficiaries for losses incurred in cases where a contributor becomes insolvent.
