Staff Writer
The Insurance and Pensions Commission (IPEC) has cancelled the registration of Heritage Life Limited as a life assurance company, citing multiple regulatory breaches and failure to comply with statutory requirements.
In a public notice, IPEC said it had “cancelled the registration of Heritage Life Limited as a Life Assurance Company” in terms of the Insurance Act, adding that the decision followed persistent non-compliance despite regulatory intervention.
“The basis of cancellation of registration licence is that Heritage Life has breached the terms and conditions for registration,” the Commission said.
IPEC outlined several violations, including failure to comply with minimum capital requirements, poor asset quality, and non-adherence to corporate governance standards prescribed under the Insurance Act and related directives.
The regulator also cited failure to meet statutory reporting obligations, including “submission of audited financial statements and actuarial valuation reports in terms of section 30 of the Insurance Act,” according to the notice.
“Despite IPEC’s engagements with Heritage Life Limited Company, the life assurer has failed and neglected to comply with its obligations,” the Commission said.
The cancellation marks an escalation from earlier regulatory action taken against the insurer. In December 2023, IPEC suspended Heritage Life from writing new business after an onsite inspection uncovered “significant compliance and governance deficiencies.” The company was allowed to continue servicing existing policyholders at the time while implementing corrective measures under regulatory supervision.
However, the latest move indicates the insurer failed to address the deficiencies raised by the Commission, prompting the withdrawal of its operating licence.
IPEC has since called on affected policyholders and pension fund members to come forward. “Any policyholder of Heritage Life Assurance Company and pension scheme member of Heritage Life Group Umbrella Fund… should approach the Commission,” the regulator said, requesting submission of identification details, policy or membership numbers, and proof of membership.
The Commission said documents can be submitted at its offices in Harare and Bulawayo or via its official email.
The cancellation effectively bars Heritage Life from operating as a registered life assurer, in a move that underscores tightening regulatory enforcement in Zimbabwe’s insurance sector.
