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IPEC warns citizens against unregistered insurance companies

by Bustop TV News

By Romeo Takundwa

The Insurance and Pensions Commission (IPEC) has warned members of the public against engaging unregistered insurance entities when securing insurance services.

This follows a flier that went viral on social media of an entity offering lobola assurance services.

The assurance company headquartered in Belvedere, Harare offers various packages of dowry price typically paid by a groom to be when he is about to marry his bride to be to his in-laws in typical customary Shona traditions.

The different packages which include, HuredzwaNdiro, Hurehwa and Rusambo ranges from USD$2 up to USD$20 per month.

However, in its statement issued Wednesday, IPC announced that they have not registered an entity offering such product on the market in accordance to the country’s laws.

“The Assurance and Pensions Commission (IPEC)’s attention has been drawn to a flier, under the banner Lobola Assurance, that is circulating on social media platforms.

“We wish to advise members of the public that we have not licensed such an entity or the purported product.  

“Section 7 (1) of the Insurance Act prohibits unregistered entities from carrying out insurance business,” read the statement.

IPEC a statutory body which regulates the operations of insurance companies also reminded members of the public to only deal with registered companies and check with them if entities they are engaging are authorized to do so.

“We would like to remind insurance consumers to only deal with registered entities. Consumers can check with the Insurance and Pensions Commission, entities that are authorized to render insurance services.”

The list of insurance entities can be found on IPEC website: www.ipec.co.zw.

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