IPEC concerned over owner-managed entities : CALL FOR ADVERTS IN THE ZAPF 4TH QUARTER MAGAZINE
Own correspondent
VIC Falls – Insurance and pensions commission IPEC says it is enforcing Risk and Corporate Governance Directives for both insurance and pensions as loopholes in this areas continue to emerge.
Ipec commissioner Grace Muradzikwa yesterday told delegates attending the insurance institute of Zimbabwe (IIZ) conference in Victoria Falls that there has been growing concerns over owner-managed entities with no separation between shareholders, board members and management
“There has been growing concerns on the issue of governance in the industry. Sometime you really do not now who owns this entity. There is no separation whatsoever in these entities.
“There are also issues on cross directorship and multiple board sitting in violation of Risk and Corporate Governance Directive as well as undue influence from holding companies and overbearing influence by executive directors and shareholders .Let it be known that we are holding people monies in trust and issues of governance should be treated with the seriousness it deserves,” she said.
Muradzikwa said issues to do with related party exposures – unsecured loans to shareholders and associated entities have also come under scrutiny.
It has also emerged that some assets of insurers not registered in the names of the insurers while there is also low risk management culture and understanding of Enterprise Risk Management in some small-to medium size entities going forward.
“IPEC is enforcing Risk and Corporate Governance Directives for booth pension and insurance. On the soundness on the industry, there is need to build the risk management capabilities of the funeral and micro insurance sectors, enforcing compliance with Circular 11 of 2014 in areas such as the existence of Risk Committees at Board level and the need for industry to invest in hiring quantitative professionals and/or trainings on defining risk appetite and quantifying the capital required for certain risks,” she said.
On this note Muradzikwa said IPEC is currently conducting an industry skills audit – analysis of questionnaire responses from industry on skills in the industry being finalized and will share the
state of skills in the industry, including risk management process.
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