Ipec sets currency-conversion guidelines

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THE Insurance and Pensions Commission (Ipec) says it has issued the industry with guidelines on revaluation of assets and liabilities in response to recent currency changes for the benefit of policy holders and pension fund members.
A 2015 presidential inquiry into policy conversions during Zimbabwe’s previous currency conversion episode in 2009 found that holders lost about US$3 billion due, in part, to the absence of a definite valuation framework.

“We have issued a guideline on adjusting insurance and pension assets and liabilities in line with the currency reforms that we saw in 2019,” Ipec commissioner Grace Muradzikwa told journalists last week.