Four insurance brokers’ licenses cancelled

Four insurance brokers’ licenses cancelled

Staff writer

HARARE, Insurance and Pensions Commission (Ipec) has cancelled registration certificates for four insurance broking companies on the basis of lack of compliance to Ipec requirements.

The companies are Ambassador Insurance Brokers, Auto and General Insurance Brokers, Hostcare Insurance Brokers, and Revival Insurance Brokers.

In a statement, Ipec said the reasons for cancellation include non- submission of quarterly and annual returns in violation of section64 (1) of the Insurance Act (chapter 24: 10) , nonpayment of annual fees in violation of Statutory Instrument 59 of 2020,Nonpayment of quarterly levies in violation of statutory 11 of 2020.

The entities also failed to comply with the payment of penalties levied against them as well as failure to respond to various communications by Ipec.

“The commission has to no avail tried to contact the institutions at their last known business addresses, which have been vacated without notifying us in line with likening requirements section 84A of the Insurance Act.

The above mentioned institutions are entitled to seek recourse in terms of the Insurance Act,” Ipec commissioner Grace Muradzikwa said.