Staff Writer
The Insurance and Pensions Commission (IPEC) has ordered all insurance, reinsurance, pension and funeral assurance entities to submit statutory quarterly reports on time and ensure they are properly signed off, following repeated delays and poor-quality submissions across the industry.
In Circular 14 of 2026 dated May 18, IPEC said the directive was issued in terms of Statutory Instrument 69 of 2020, which empowers the Commission to enforce reporting standards for registered entities.
The circular, addressed to industry associations and principal officers of insurance companies, pension funds, reinsurers, brokers and funeral assurers, said the Commission had observed repeated delays and substandard data quality” in the submission of statutory quarterly reports.
IPEC reminded entities that Circular 9 of 2025 requires quarterly returns to be submitted by the 14th day of the month following the end of each quarter, while Circulars 9 of 2023 and 19 of 2025 prescribe the reporting formats.
“The Commission reiterates that an entity that fails to submit its returns within the stipulated timelines shall be held in default and liable to a fine payable to the Commission in terms of SI 69 of 2020,” the circular said.
The regulator listed several deficiencies that continue to affect the quality of industry submissions.
These include inconsistent figures within the same return, pension liabilities not being properly captured, unreconciled pension membership data and incomplete reporting of gross and net premium figures.
IPEC also raised concern over partial or omitted breakdowns of insurance revenue and total assets, lack of reconciliations for “other” items in quarterly returns and unbalanced statements of financial position, particularly among reinsurers.
To improve reporting standards, the Commission directed all entities to ensure strict oversight by governance structures responsible for reporting processes.
It further ordered that all statutory quarterly reports must be fully completed and signed off by the entity’s principal officer together with a Public Accountants and Auditors Board (PAAB)-registered individual or firm, in line with Circular 20 of 2025.
According to the circular, the signatures will attest to the completeness and accuracy of the submitted reports.
IPEC said the new provisions will take effect from the second quarter 2026 reporting period.
The circular was signed by Insurance, Pensions and Provident Funds Commissioner Grace Muradzikwa.
