THE Insurance and Pensions Commission (Ipec) says compensation for losses suffered by policyholders during the 2009 currency conversions should be made in US$.
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This comes as the government has committed US$175 million to supplement the industry’s own resources.
“Estimated prejudice will be adjusted for the time value of money and honoured while recommended settlement currency for compensation is US$. Ipec will provide guidance on the compensation process and facilitate approval of compensation schemes,” Ipec director for pensions, Cuthbert Munjoma told a recent online
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