- Download 0
- File Size 437.76 KB
- File Count 1
- Create Date June 22, 2020
- Last Updated June 22, 2020
INSURANCE ACT (CHAPTER 24:07)
Act 27/1987, 19/1998 (s. 14), 22/2001 (s. 4), 3/2004
ARRANGEMENT OF SECTIONS
- Short title.
- Application of Act.
SPECIAL RESPONSIBILITIESAND PRINCIPAL FUNCTIONS OF COMMISSIONER
- Performance of functions by Commissioner.
- Special responsibilities of Commissioner.
- Functions of Commissioner.
REGISTRATIONOF INSURERS OTHER THAN MUTUALINSURANCESOCIETIES
- Insurers to be registered.
- Persons disqualified to be registered as insurers.
- Application for registration as an insurer.
- Registration to be published.
REGISTRATIONOF MUTUAL INSURANCE SOCIETIES AND SPECIAL PROVISIONS RELATINGTO SUCHSOCIETIES
- Interpretation in Part IV.
- Societies to be registered.
- Application for registration of society as insurer.
- Special provisions relating to foreign societies.
- Effect of registration and prohibition of registration as or conversion into company.
- Constitution of society.
- Persons disqualified to be elected or appointed as directors of societies.
- Composition of boards of directors of societies.
- Limitation of liability of members of societies.
- Restriction of use of the word “mutual”.
- Conversion of insurance companies into societies.
CANCELLATIONOF REGISTRATION OFINSURERS
- General provisions with respect to cancellation of registration of insurers.
- Cancellation of registration to be published.
SPECIAL FINANCIALREQUIREMENTS AS TO THE CARRYINGON OF INSURANCEBUSINESSBY REGISTEREDINSURERS
- Margin of solvency sufficient for the purposes of carrying on insurance business.
- Insurers to maintain assets in Zimbabwe.
- Insurers may hold shares in their holding or subsidiary companies.
26A. Insurers to hold funds in certain securities.
GENERAL PROVISIONS GOVERNING THE CARRYINGONOFINSURANCEBUSINESS BY REGISTEREDINSURERS
- Registered insurers to notify Commissioner of changes in certain matters.
- Publication of authorized capital, etc., of registered insurers.
- Insurers to keep separate accounts for different classes of insurance business and maintain insurance funds.
- Accounts and balance sheets, etc., of registered insurers to be submitted to Commissioner.
- Audit of accounts of insurers.
- Insurers to comply with requirements as to compulsory reinsurance.
- Amalgamation or transfer of insurance business and conversion of society to company.
- Statement in case of amalgamation or transfer of insurance business.
PROVISIONS GOVERNING THE CARRYINGON OF BUSINESS BY INSURANCEBROKERS
- Insurance brokers to be registered.
- Insurance brokers to hold investments in approved securities and maintain professional indemnity.
- Insurance brokers to submit annual returns.
- Cancellation of registration of insurance brokers.
SPECIAL PROVISIONS RELATING TO LIFE AND OTHER POLICIES
- Periodical investigations to be made into financial position of life insurers.
- Reinsurance contracts of life insurers.
- Restriction of payment on death of children under fourteen years of age.
- Life policies effected by married persons.
- Life policy on own life: protection afforded during life.
- Life policy on own life: protection afforded on death.
- Protection afforded in respect of life policy inuring to spouse or children.
- Special provisions relating to persons married in community of property.
- Selection for realization of life policies in respect of which protection is afforded.
- Partial realization and partial conversion of life policies.
- Provisions in case life policy ceded or trust policy cannot be kept up.
- Life policies ceded or premiums paid with intent to benefit someone at the expense of a creditor.
- Proof of age.
- Age incorrectly stated.
- Death of insured by his own act.
- Lost or destroyed life policies.
- Life policy may include disability benefits.
- Discrimination between life policies, etc., prohibited.
- Application of Part to sinking fund policies.
- Application of Part to funeral policies and other provisions in regard thereto.
- Days of grace, paid-up policies and non-forfeiture provisions: life and sinking fund policies.
- Days of grace, paid-up policies and non-forfeiture provisions: funeral policies.
- Grant of more favourable terms than those specified in section 59 or 60 not precluded.
FUNCTIONS OFTHE MINISTERAND THE COMMISSIONER UNDERTHISPART AND OFANINSPECTORAPPOINTEDINTERMSOFTHIS PART
- Commissioner may extend certain periods specified under this Act.
- Commissioner may classify insurance business.
- Commissioner may demand information.
- Commissioner may alter or adapt prescribed forms.
- Commissioner may require information to be supplied in English.
- Investigation of the affairs of an insurer.
- Deposit of approved securities by life insurers under investigation.
- Investigation of the affairs of an insurance broker.
- Annual reports by Commissioner.