THE Insurance and Pensions Commission (Ipec) says it is pushing for a US dollar-indexed minimum capital requirement for funeral assurers in Zimbabwe to build resilience within the sector.
In its latest report on the industry, the regulator said it had proposed to the Treasury a threshold of US$750 000.
“The commission awaits the gazetting of … the regulations.”
The current minimum capital requirement for the sub-sector is $62,5 million, which is equivalent to about US$65 000.
As of December 31, 2022, capital positions for funeral assurers ranged from $5,73 million to $929,93 million, according to Ipec.
“Seven out of the eight funeral assurers were compliant with the regulatory minimum capital requirement … as required by Statutory Instrument 59 of 2020,” IPEC said.
IPEC commissioner, Gace Muradzikwa
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.