THE Insurance and Pensions Commission (Ipec) says it is optimistic that the compensation of pension fund scheme members and life insurance policyholders for losses suffered when the Zimdollar was demonetised in 2009 will help restore lost confidence in the sector.
The compensation is set to begin next year, after the government laid down the framework last month through Statutory Instrument 162 of 2023.
“The 2009 loss of value has contributed significantly to the low confidence that the industry is currently grappling with… we believe making good the compensation will help to restore confidence in insurance and pensions, which is key if the industry is to be sustainable,” Ipec commissioner Grace Muradzikwa told journalists this week.
“It is now all hands on deck to ensure that we successfully carry out this exercise for the benefit of all our stakeholders.”
Pension funds are expected to submit compensation proposals to Ipec before the end of this year and begin disbursements not later than a month after the regulator approves their schemes.
IPEC commissioner, Gace Muradzikwa
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