The Insurance and Pensions Commission (IPEC) has barred Heritage Life Limited from writing new business after an onsite inspection it conducted at the firm showed some irregularities in its operations.
Heritage Life Limited, formerly IGI Life, is a wholly owned Zimbabwean life assurance company which is a sister company to Heritage Insurance Company.
In a public notice this week, IPEC said the onsite inspection on Heritage Life Limited was conducted in terms of the Insurance Act which empowers the commission to supervise the activities of all registered insurers to ensure the protection of policyholders.
“The inspection revealed significant compliance and governance deficiencies, leading to IPEC issuing a corrective order to Heritage Life Limited to ensure existing policy holders are not prejudiced during this period, the company is allowed to continue managing the existing business so that current policy holders continue to receive services,” said the insurance commission.
Meanwhile, IPEC will continue monitoring the implementation of the corrective order by Heritage Life Limited to ensure that the observed deficiencies are resolved for the protection of policy holders.
IPEC is a statutory body established in terms of the Insurance and Pensions Commission Act to regulate the insurance and pensions industry with the objective of developing the industry for the protection of insurance policy holders and pension fund members’ interests.
It regulates short and long term insurance, private occupational schemes and individual policies. New Ziana
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