The Insurance and Pensions Commission (IPEC) has preregistered two insurance firms for failing to meet the minimum capital threshold of $1,5 million. The two firms Heritage Insurance and Excellence Insurance are both non-life insurance companies, and have been suspended from doing any business. This comes after KFMS Insurance was deregistered in the last quarter leaving the number of non-lifer insurance companies at 20.
In a notice from IPEC commissioner Manette Mpofu, the body said:
It is hereby noticed that in terms of section 23 of the Insurance Act (Chapter 24:07), the following insurance companies have had their certificates of registration cancelled: KFMS Insurance Company, Heritage Insurance Company of Zimbabwe and Excellence Insurance Company.
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