Insurance Bill still awaits promulgation into law….Insurer Old Mutual led risers on Thursday’s session


Insurance Bill still awaits promulgation into law….Insurer Old Mutual led risers on Thursday’s session

By Insurance24

HARARE, Insurance and Pensions Commission says the proposed Insurance Bill is still awaiting promulgation into law upon which the Commission will commence enforcing some of the new regulations.

The proposed Insurance Bill is set to harmonize the Insurance and Pensions Commission Act with the Insurance Act and the Pensions as well as the Provident Funds Act.

“The Bill is awaiting to be signed into law and once signed an gazzeted do will start to look into and enforce some of the new regulations enshrined in the Bill,” IPEC’s … said during a question and answer session of a mentoring programme for journalists hosted by Zimselector and IPEC.

The amendments will maintain fair, safe and a stable insurance industry and will also protect the interests of the policyholders and investors as well as contribute to the stability of the financial system.

According to IPEC, audited financial results for insurance players should be submitted to IPEC by June 30 annually, with errant firms fined in terms of section 30 of the Insurance Act (Chapter 24:07) for insurance companies and section 37 of the Insurance Act for insurance brokers.

Meanwhile, Trading on the Zimbabwe Stock Exchange (ZSE) continued on the front foot with demand for stocks outstripping supply.

The All Share Index added 0.64 points on the back of strong gains across the bourse. Barclays, DZLH, Innscor and OM led the risers. Old Mutual gained a further $0.1383 to close at $5.9019, Padenga added $0.0295 to $0.5000 and OK Zimbabwe went up by $0.0180 to settle at $0.2209.

Hippo gained $0.0159 to close at $1.6800, Simbisa rose by $0.0120 to trade at $0.4700 while Innscor ( closed at $1.2000 following a $0.0064 increase.

Losses were seen in CBZ Holdings which dropped by $0.0050 to close at $0.1050, Econet shed $0.0018 to $0.8958 while First Mutual Properties and Zimplow both lost $0.0005 to end at $0.0430 and $0.1100 respectively.

The Industrial Index rose by 2.16 points with the Top Ten Index adding 0.50 points. The Mining Index was unchanged with no trades in the sub sector. Turnover was decent at $2.2 million buoyed by good trade values in Delta, Hippo, Seedco and Simbisa.