Heritage Insurance, forbidden from activity
The Insurance and Pensions Commission of Zimbabwe (IPEC) has suspended the activities of Heritage Insurance. The regulatory authority has justified this decision by the poor financial situation of the non life company, its mismanagement and unethical conduct. The company has until 30 June 2016 to take the necessary adjustments otherwise the sanction shall be maintained.
Early 2016, IPEC had already withdrew the approval of four companies for non-compliance with capital requirements. Among the companies fined, are included the insurer Global Insurance, the brokers Navistar Insurance Brokers and Revival Insurance Brokers as well as the reinsurer New Reinsurance Company.
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