Senior Clerical Assistant (Administration) – Grade 5

Records Assistant

Assistant Registrar – Faculties (Gweru)

Security Guards (Gweru, Harare, Kwekwe & Zvishavane campuses)

Technical Sales Person/ Aluminium (Harare)

Regional Monitoring, Evaluation & Learning (MEL) Officer (Bulawayo)

Boiler Maker (Harare)

Marketing & Sales Officer (Harare)

Compliance Officer (Harare)

Safety, Health and Environment Officer (Harare)

Vehicle Sales Consultant - JAC (Harare)

Vehicle Sales Consultant – DONG FENG (Harare)

Billing Supervisor (Harare)

Sales Representative (Harare)

Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

The short-term insurance industry has now implemented the No Premium No Cover Policy following the promulgation of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The regulations stipulate that policyholders are required to pay their premiums in advance to avoid non-payment of claims in the event of the risk insured against occurring.
In a statement issued on 08 November, the Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) urged policyholders to familiarise themselves with the new regulations, that is SI 81 of 2023. Reads the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) announce the gazetting of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The Statutory Instrument was introduced to address the unsustainable high premium debtors within the books of short-term insurers, which threatened their liquidity and soundness.
According to the Statutory Instrument, short-term insurers and brokers dealing in short-term insurance are prohibited from providing insurance coverage on credit.
Insurance cover at the inception or the renewal of a policy shall be activated upon payment of the required premium.
For the avoidance of doubt, non-payment of premiums at policy inception or renewal means the policy was not taken up or the policy lapsed, respectively.
Section 5AA. (1) states that: “The receipt of an insurance premium shall be a condition for a valid contract and there shall be no cover in respect of an insurance risk unless the premium is paid in advance.“
Premiums may be paid directly to an insurer if one is directly insured or may be paid to a broker if insured through a broker.
The provision of Section 5 AA. (1) excludes policies providing insurance for crops in terms of the Farmers Stop Order Act (Chapter 18:11).
Policyholders are advised to pay their premiums in advance in terms of the provisions of Statutory Instrument 81 of 2023 to avoid non-payment of claims in the event of the risk insured against occurring.
Meanwhile, there are ongoing engagements with financial institutions to avail insurance premium financing to assist policyholders in timeously paying premiums.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Short-term Insurance Industry Implements "No Premium No Cover" Policy

Tinashe Muyambo, the group chief executive at Masawara, one of Zimbabwe’s largest insurance industry players, has called for measures to be put in place to protect pensions and prevent a repeat of the losses experienced a decade ago, as 356 055 policies lapsed in late 2022.
Speaking at the 2023 Zimbabwe Independent Insurance Survey and Awards, Muyambo stressed the need for insurers and pension funds to “ring-fence” savings and protect them from shocks that could potentially harm the volatile economy. This would involve protecting savings from losses incurred by riskier operations. Muyambo emphasised the urgency of implementing such measures to regain confidence in the sector, which has been dented by policyholders sitting on the fence. He said:
<blockquote>
 If we are serious (about) the insurance industry underpinning growth in this market, how can we ring-fence this industry from fluctuations?
How can you do it in a manner that is actionable? . This conversation not only needs to happen, but needs to be executed as quickly as possible because 2030 is not far and if we want to get there, we need to start picking up the pace on some of these matters.
</blockquote>
Tinashe Muyambo was referring to President Emmerson Mnangagwa’s Vision 2030 roadmap, which aims to transform Zimbabwe into an upper-middle-income economy.
Following the loss of savings in 2009, the government commissioned a commission of inquiry, led by Justice George Smith, which found that US$5.86 billion worth of pensions had been lost. The commission recommended that the sector compensate victims, but insurers and pension funds have struggled with compensation. Last year, the government called on parliament to pass legislation to put the recommendations into action.
Former finance minister Tendai Biti, who oversaw Treasury during the insurance policy conversions in 2009, has criticized insurers for being reluctant to redeem pensioners. He urged the Finance Minister, Mthuli Ncube, to urgently enact a law that puts into effect the recommendations of the Justice Smith Commission of Inquiry and compensates pensioners who lost their US dollar savings. Biti emphasised that the recommendations need to be implemented immediately to restore confidence in Zimbabwe’s insurance and pensions sectors. Muyambo, in turn, stressed the urgency of implementing measures to protect pensions and build investor confidence in the sector. He added:
<blockquote>
A stable political and economic environment that fosters investor confidence and encourages growth; efficient regulation and supervision to ensure financial stability and protect consumers and innovative products and services that meet the needs of consumers and businesses.
</blockquote>
According to the survey, the insurance and pensions industry in Zimbabwe requires greater support for its development, given the expected continuation of the depreciation of the local currency. The survey predicts that the country will continue to experience foreign inflation spill-overs throughout 2023, with a sharp increase in food prices already feeding into domestic consumer prices. Unplanned government expenditures as the country moves into electioneering mode are also expected to drive an increase in the Zimbabwean dollar money supply, which may lead to a rapid deterioration of the exchange rate in 2023. It further reads:
<blockquote>
Waning confidence in the local unit will also trigger full dollarisation as the general population will regard monetary amounts not in terms of the local currency but in terms of a more stable foreign currency. There is also evidence that most prices are being quoted in US dollars while most households and individuals prefer to keep wealth in non-monetary assets (real estate and commodities) or in a relatively stable foreign currency.
</blockquote>
In April, an Insurance and Pensions Commission report said 356 055 policies lapsed during the final quarter of last year, as markets struggled to keep pace with a deteriorating economic crisis.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Increased Calls For Safeguarding Pensions In Insurance Industry As 356k Policies Lapse

The <a href="https://www.pindula.co.zw/Insurance_and_Pensions_Commission">Insurance and Pensions Commission (IPEC)</a> has published a list of licensed Life Assurance companies warning insurance consumers against conducting business with unlicensed entities. In a statement seen by Pindula News, IPEC urged those who bought insurance policies from entities that are not on the list, to report to the Commission. The life assurance companies on IPEC’s list were licensed as of 31 DECEMBER 2022.
Life Assurers
I. CBZ Life Limited 
2. Doves Life Assurance
3. Econet Life (Pvt) Ltd Funeral Assurers
4. Evolution Health &amp; Life
5. Fidelity Life Assurance
6. First Mutual Life Assurance Services
7. Heritage Life Assurance
8. Nhaka Life Assurance (Pvt) Ltd
9. Nyaradzo Life Assurance
 10. Old Mutual Life Assurance
11. ZB Lite Assurance 
12. Zimnat Life Assurance
Short Term Insurers
1. AFC Insurance
2. Alliance Insurance
3. Allied Insurance Ltd
4. CBZ Insurance Limited
5. Cell Insurance
6. Champions Insurance
7. Clarion Insurance
8. Credit Insurance Zimbabwe
9. Econet Insurance 
10. Empaya Insurance Company
11. Evolution Insurance 
12. Export Credit Guarantee Company of Zimbabwe [Pvt] Ltd
13. FBC Insurance
14. Hamilton Insurance
15. Nicoz Diamond Insurance
16. Old Mutual Insurance 
17. Quality Insurance
 18. Safel Insurance
19. Sanctuary Insurance
20. Zimnat Lion Insurance
Funeral Assurers
1. First Funeral Assurance 
2. Foundation Mutual Society 
3. Moonlight Funeral Assurance &amp; Services 
4. Orchid Funeral Assurance
 5. Passion Funeral Assurance 
6. Ruvimbo Funeral Assurance
7. Sunset Funeral Assurance 
8. Vineyard Funeral Assurance 
Microinsurers
1. Bayce Microinsurance 
2. Clientsure microinsurance 
3. Coverlink Microinsurance (Pvt) Ltd 
4. EBA Microinsurance  
5. Ethical Microinsurance 
6. Golden Knot microinsurance 
7. Highground Microinsurance 
8. Evolution Microinsuronce  
9. Microsure Microinsurance  
10 Rise Capital microinsurance
 11. Zambuko Microinsurance
Multiple Agents
1. Acts Multiple Agents
 2. AGRIMED Multiple Agents  
3. Agrostrong Multiple Agents
4. Chartered Risk Services multiple Agents
 5. Connect Multiple Agents 
6. Distinct Multiple Agents 
7. Enpasent 
8. Geneinsure Multiple Agents
 9. Henfields Multiple Agents 
10. Leadwoys Multiple Agents 
11. Lions Risk multiple Agents 
12. Macfam Multiple Agents
 13. Neshgroup Multiple Agents
 14. NMB Multiple Agents 
15. Primax multiple Agents 
16. RapidPay Multiple Agents 
17. Rise Multiple Agents Limited 
18. Samaz Multiple Agents 
19. Snit Multiple Agents 
 20. Stanbic Multiple Agents 
21. STF Capital 
22. Sundry Multiple Agents
23. Superflex Link Multiple Agents
24. Telone Multiple Agents
25. Vonveld Multiple Agents
26. Wonayi multiple Agents 
27. Zim Selector Multiple Agents
28. Zimpost Multiple Agents
29. Zero Seven Zero Nine Multiple Agents
Insurance Brokers
1. Amour Khan Insurance Brokers (Pvt) Ltd 
2. Bright Insurance Brokers 
3. Broksure Insurance Brokers (Private) 
4. Capital Insurance Brokers (Private) 
5. Care Insurance Brokers (PvT) Ltd  
6. CBZ Risk Advisory Services (Pvt) Ltd
7. Coverlink Insurance Brokers (Pvt)
8. Eaton &amp; Youngs (Pvt) Ltd
9. Entwide Insurance Brokers (Pvt)  Limited 
10. Eureka Insurance Brokers (Pvt) Ltd
11. First Sun Alliance Insurance Brokers (Pvt)  Limited
12. Firstlink Insurance Brokers (PO) Ltd
13. Glenrand M.I.B Zimbabwe (Pvt)  Limited
14. Goldstick Insurance Brokers (Pvt)
15. HRIB (Pvt) Ltd
 16. Hunt Adams &amp; Associates (Pvt) Ltd
17. L.A.Guard Insurance Brokers (Private) Limited
18. Minerva Risk Solutions
19. Momentum Insurance Brokers IPA)
20. Paul Mkondo Insurance Brokers (Pvt) Ltd
21. Perpro Insurance Brokers (Pvl) Ltd
22. Progressive Insurance Brokers (Put) Ltd
23. Rainbow Insurance Brokers (Pvl) Ltd
24. Safari Insurance Brokers Limited T/As
25. Satib Insurance Brokers 
26. TIB Insurance Brokers 
27. Victory Insurance Brokers (Put) Ltd
28. WFDR (Pvl) Ltd) 
29. Zimbabwe Insurance Brokers Limited
Underwriting Management Agents
1. Bluefin Risk metrics 
2. SAUZGRUMA Outrisk
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

IPEC Publishes List Of Licensed Life Assurance Companies

The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the newly-introduced Mosi-oa-Tunya gold coin is going to solve the prescribed asset problem for the pensions industry.
The industry has been struggling to comply with the minimum regulatory requirements due to inflationary pressures.
The pension industry has been proposing the issuance of foreign currency bonds with the same status to improve compliance.
Mangudya told NewsDay Business last week that the gold coins will make it possible for the industry to purchase 20 per cent in debt security. He said:
<blockquote>
If pension funds buy these gold coins, they are able to take a solid position. Remember it has a liquid asset status as well and can be easily converted to cash. It means that the 20% that they are allowed to purchase in government bond paper can be met. The gold coin is part of that paper that they are supposed to get.
You are aware that they have been saying the available projects have been losing value because of inflation, this gold coin is going to stabilise prices. This also means that the money that they have in the bank is going to have a store of value. They now have the choice of either keeping the cash or the gold coin. Definitely, the gold coin is going to suck all the excess liquidity in the market.
</blockquote>
In Zimbabwe, pension funds are required by law to invest at least 20% of their investment portfolio in prescribed assets while life assurers are compelled to invest a minimum regulatory threshold of 15% of their assets in prescribed securities.
Short-term life assurers and pensions are required to invest 10% in prescribed assets.
Mangudya said the gold coin had a prescribed asset and liquid asset statuses.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Gold Coins To Solve Prescribed Asset Problem For Pensions Industry - Mangudya

The Insurance Council of Zimbabwe (ICZ) has increased motor vehicle Insurance premiums effective January 25.
The annual premium cover for private cars has been increased to ZW$9 810 while the quarterly premium is now pegged at ZW$3 270.
Insurance premiums had last been reviewed in July last year with the annual cover being pegged at ZW$7 695 while quarterly premiums were ZW$2 565.
In a circular sent out to short-term insurers, the Insurance Council of Zimbabwe (ICZ) advised of the upward review of statutory motor insurance premiums in response to inflation and exchange rate movements.
<a href="https://www.pindula.co.zw/Insurance_and_Pensions_Commission">Insurance and Pensions Commission (IPEC)</a> spokesperson, Mr Lloyd Gumbo, confirmed the review.
He said the statutory motor third party policy premiums and compensation limits denominated in US dollars are regulated through Statutory Instrument 293 of 2020 of the Road Traffic Act.
He noted that the reviews were necessary to ensure adequate compensation of third parties in the event of a claim.
Mr Gumbo added that the current review increased compensation limits from ZW$171 000 for RTA and ZW$855 000 for a full third party in July 2021 to ZW$218 000 and ZW$1 090 000 respectively effective January 2022.
While most motorists have statutory motor insurance cover, ICZ is encouraging the use of the comprehensive insurance policy, which provides cover for both the policyholder and third parties at higher compensation limits.
The statutory motor policy provides benefits for third parties only. 
More: Star FM news

Insurance Council Of Zimbabwe Has Increased Motor Vehicle Insurance

Umzingwane legislator Levi Mayihlome (ZANU PF) has urged the government to pay pensioners including war veterans a minimum of US$200 in monthly pensions. 
Mayihlome’s call for US dollar pensions comes hardly a month after a group of disgruntled ex-combatants were arrested after protesting in central Harare demanding an upward review of their monthly stipends.
In his contribution to a motion in reply to the State of the Nation Address (SONA) and the presidential speech on the official opening of the Fourth Session of the Ninth Parliament, Mayihlome said ex-combatants and other pensioners were living like paupers. Mayihlome said:
<blockquote>
The pension should at least be reviewed upwards to a minimum of about US$200 per month for all pensioners, including war veterans so that at least they have a decent life.
I would want to talk about the National Social Security Authority pensions.  My plea is that the Public Service, Labour and Social Welfare ministry needs to review these pensions.
They reviewed it upwards from US$15 to US$45 and now it is going to be US$60 per month per individual, but who can live on US$60 per month?
These are people who have contributed to the development of this country. They worked hard all their lives. They toiled making major investments, some of which have been the pride of this country, yet we expect them to live on US$60 per month. It’s not fair.
</blockquote>
Last year, the government adjusted pensions for the former freedom fighters to cushion them against the rising cost of living but inflation has left many failing to afford basics.
Meanwhile, civil servants have been pushing for the restoration of the US$540 average earned before October 2018 but the government says the demand cannot be met due to the scarcity of foreign currency. 
The government promised to periodically increase their salaries. Some workers, including teachers, are earning an average of US$100. 
More: <a href="https://www.newsday.co.zw/2021/11/give-war-vets-us200-monthly-pension/">NewsDay</a>

ZANU PF MP Urges Govt To Give Pensioners, War Veterans US$200 Per Month

The government has moved to tighten screws around Insurance Companies. Insurance companies are now supposed to undergo monthly audits to ensure that their assets are sufficient to cover their clients in case of a loss. This regulation was gazetted by the government last week.
According to The Herald:
<blockquote>Under the new regime, insurance companies will be required to conduct self-assessment to prescribed ratios within 14 days after the end of every month based on management accounts. An insurer that fails to comply with the new prescribed asset ratios is required to, within 30 days from the date it becomes aware of such, advise IPEC of the non-compliance and take corrective plans within a period of six months.
The provisions empower the insurance industry regulator, the Insurance and Pensions Commission (IPEC), to take punitive or corrective measures to enforce compliance with the prescribed asset requirements, amid indications the insurers have been struggling to comply.
The minimum prescribed asset thresholds for both short-term non-life insurers and reinsurers were doubled in November last year, through the 2019 National Budget, from 5 to 10 percent; life assurers from 7,5 to 15 percent, while funeral assurers increased from 7,5 to 10 percent.</blockquote>
More: <a href="https://www.herald.co.zw/govt-tightens-screws-on-insurance-firms/">The Herald</a>

Insurance Companies To Be Audited On A Monthly Basis

The Insurance and Pensions Commission (IPEC) has encouraged employers to remit contributions early to avoid inconveniencing beneficiaries. The encouragement comes as some companies are reportedly not remitting employee contributions, who in turn face challenges to access them when required.
Speaking to delegates during a pension trustees’ basic training workshop in Gweru last week, IPEC’s pensions director Mr. Josphat Kakwere said:
<blockquote>The law provides that contributions should be remitted in time. We have often received complaints from beneficiaries who fail to get their pension funds because the employer was not remitting anything. It is your duty to ensure that members of the fund are adequately informed of their rights, benefits and duties in terms of the rules of the fund.</blockquote>
More: <a href="https://www.herald.co.zw/remit-pensioners-contributions-timeously/" rel="noopener noreferrer" target="_blank">The Herald</a>

Pensions Commission Tells Employers To Remit Pension Fund In Time

Zimnat Insurance has suspended full cover insurance for imported vehicles which are popular with illegal pirate taxis, informally known as “mshika-shika.” Some of the vehicles included on the list are Honda Fit, Toyota Wish and Toyota Raum. Nissan X-trail and Honda CRV are also included on the list because their parts are hard to find on the local market.
Speaking to Business Times, Masawara Insurance group chief executive Mustafa Sachak said
<blockquote>We are now only doing third-party insurance for those vehicles. Comprehensive cover will only be available to customers after due diligence.</blockquote>
The Insurance and Pensions Commission (Ipec) said,
<blockquote>The move by Zimnat may also be as a result of moral hazard-where policyholders deliberately get involved in an accident knowing that the vehicle is insured. Moreso, individuals may insure the type of vehicles and claim that they are for private use but then use them as commercial vehicles or taxis commonly referred to as mushika-shika. The net effect is that the insurance pool for those type of vehicles would not be sufficient to meet the claims which will arise.</blockquote>
More: <a href="http://businesstimes.co.zw/zimnat-suspends-full-cover-on-mushika-shika-type-vehicles/" rel="noopener" target="_blank">Business Time</a>

Zimnat Suspends Full Cover Insurance For Imported Cars Popular With Pirate Taxi Drivers

The Insurance and Pensions Commission (Ipec) has warned that 80 percent of Zimbabwean workers are being condemned to poverty upon retirement. Ipec blamed companies for not remitting pension contributions. Speaking at the Zimbabwe Association of Pension Funds (ZAPF) annual congress, Ipec Head of pensions Josphat Kakwere said,
<blockquote>
As we seek to reposition the industry, let’s avoid the current scenario where old age has been transformed to old poverty. Pension should be sustainable, affordable and relevant…There are about 1.23 million active contributors under the National Social Security Authority and about 80 percent of the working class when they get to retirement they will be condemned to old age poverty because of lack of remitting by companies, and corruption.</blockquote>
More: <a href="https://www.newzimbabwe.com/80-percent-of-zimbabweans-to-be-condemned-to-poverty-on-retirement-experts-warn/" rel="noopener" target="_blank">New Zimbabwe</a>

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