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INSURANCE ACT (CHAPTER 24:07)

INSURANCE ACT

Act 27/1987, 19/1998 (s. 14), 22/2001 (s. 4), 3/2004

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

  1. Short title.
  2. Application of Act.

PART II

SPECIAL RESPONSIBILITIESAND PRINCIPAL FUNCTIONS OF COMMISSIONER

  1. Performance of functions by Commissioner.
  2. Special responsibilities of Commissioner.
  3. Functions of Commissioner.

PART III

REGISTRATIONOF INSURERS OTHER THAN MUTUALINSURANCESOCIETIES

  1. Insurers to be registered.
  2. Persons disqualified to be registered as insurers.
  3. Application for registration as an insurer.
  4. Registration to be published.

PART IV

REGISTRATIONOF MUTUAL INSURANCE SOCIETIES AND SPECIAL PROVISIONS RELATINGTO SUCHSOCIETIES

  1. Interpretation in Part IV.
  2. Societies to be registered.
  3. Application for registration of society as insurer.
  4. Special provisions relating to foreign societies.
  5. Effect of registration and prohibition of registration as or conversion into company.
  6. Constitution of society.
  7. Persons disqualified to be elected or appointed as directors of societies.
  8. Composition of boards of directors of societies.
  9. Limitation of liability of members of societies.
  10. Restriction of use of the word “mutual”.
  11. Conversion of insurance companies into societies.

PART V

CANCELLATIONOF REGISTRATION OFINSURERS

  1. General provisions with respect to cancellation of registration of insurers.
  2. Cancellation of registration to be published.

PART VI

SPECIAL FINANCIALREQUIREMENTS AS TO THE CARRYINGON OF INSURANCEBUSINESSBY REGISTEREDINSURERS

  1. Margin of solvency sufficient for the purposes of carrying on insurance business.
  2. Insurers to maintain assets in Zimbabwe.
  3. Insurers may hold shares in their holding or subsidiary companies.

26A. Insurers to hold funds in certain securities.

PART VII

GENERAL PROVISIONS GOVERNING THE CARRYINGONOFINSURANCEBUSINESS BY REGISTEREDINSURERS

  1. Registered insurers to notify Commissioner of changes in certain matters.
  2. Publication of authorized capital, etc., of registered insurers.
  3. Insurers to keep separate accounts for different classes of insurance business and maintain insurance funds.
  4. Accounts and balance sheets, etc., of registered insurers to be submitted to Commissioner.
  5. Audit of accounts of insurers.
  6. Insurers to comply with requirements as to compulsory reinsurance.
  7. Amalgamation or transfer of insurance business and conversion of society to company.
  8. Statement in case of amalgamation or transfer of insurance business.

PART VIII

PROVISIONS GOVERNING THE CARRYINGON OF BUSINESS BY INSURANCEBROKERS

  1. Insurance brokers to be registered.
  2. Insurance brokers to hold investments in approved securities and maintain professional indemnity.
  3. Insurance brokers to submit annual returns.
  4. Cancellation of registration of insurance brokers.

PART IX

SPECIAL PROVISIONS RELATING TO LIFE AND OTHER POLICIES

  1. Periodical investigations to be made into financial position of life insurers.
  2. Reinsurance contracts of life insurers.
  3. Restriction of payment on death of children under fourteen years of age.
  4. Life policies effected by married persons.
  5. Life policy on own life: protection afforded during life.
  6. Life policy on own life: protection afforded on death.
  7. Protection afforded in respect of life policy inuring to spouse or children.
  8. Special provisions relating to persons married in community of property.
  9. Selection for realization of life policies in respect of which protection is afforded.
  10. Partial realization and partial conversion of life policies.
  11. Provisions in case life policy ceded or trust policy cannot be kept up.
  12. Life policies ceded or premiums paid with intent to benefit someone at the expense of a creditor.
  13. Proof of age.
  14. Age incorrectly stated.
  15. Death of insured by his own act.
  16. Lost or destroyed life policies.
  17. Life policy may include disability benefits.
  18. Discrimination between life policies, etc., prohibited.
  19. Application of Part to sinking fund policies.
  20. Application of Part to funeral policies and other provisions in regard thereto.
  21. Days of grace, paid-up policies and non-forfeiture provisions: life and sinking fund policies.
  22. Days of grace, paid-up policies and non-forfeiture provisions: funeral policies.
  23. Grant of more favourable terms than those specified in section 59 or 60 not precluded.

PART X

FUNCTIONS OFTHE MINISTERAND THE COMMISSIONER UNDERTHISPART AND OFANINSPECTORAPPOINTEDINTERMSOFTHIS PART

  1. Commissioner may extend certain periods specified under this Act.
  2. Commissioner may classify insurance business.
  3. Commissioner may demand information.
  4. Commissioner may alter or adapt prescribed forms.
  5. Commissioner may require information to be supplied in English.
  6. Investigation of the affairs of an insurer.
  7. Deposit of approved securities by life insurers under investigation.
  8. Investigation of the affairs of an insurance broker.
  9. Annual reports by Commissioner.

PART XI

GENERAL

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