INSURANCE AND PENSIONS COMMISSION ACT (CHAPTER 24:21)

CHAPTER 24:21

INSURANCE AND PENSIONS COMMISSION ACT

Act 7/2000, 22/2001 (s. 282), 14/2002(s. 34), 3/2004 (s. 15)

ARRANGEMENT OF SECTIONS

PART I

PRELIMINARY Section

1. Short title and date of commencement.

PART II

INSURANCE AND PENSIONS COMMISSION

3. Establishment of Insurance and Pensions Commission.
4. Functions and powers of Commission.
5. Board of Commission.
6. Disqualification for appointment as member.
7. Terms of office and conditions of service of members.
8. Vacation of office by appointed members.
9. Suspension of members.
10. Dismissal of Board.
11. Filling of vacancies on Board.
12. Chairman and vice-chairman of Board.
13. Meetings and procedure of Board.
14. Committees of Board.
15. Remuneration and allowances of members of Board and committees.
16. Members of Board and committees to disclose certain connections and interests.
17. Minutes of proceedings of Board and committees.
18. Validity of decisions and acts of Board and committees.
19. Appointment and functions of Commissioner.
20. Other staff of Commission.
21. Execution of contracts and instruments by Commission.
22. Reports of Commission.
23. Commissioner may require statistics and information.

PART III

FINANCIAL PROVISIONS RELATING TO COMMISSION

24. Funds of Commission.
25. Investment of moneys not immediately required by Commission.
26. Financial year of Commission.
27. Accounts of Commission.
28. Audit of Commission’s accounts.
29. Powers of auditors.

PART IV

LEVIES

30. Imposition of levies.
31. Withdrawal, suspension or increase of levy.
32. Recovery of unpaid levy.

PART V

GENERAL

PART VI

AMENDMENTS, TRANSITIONAL PROVISIONS AND SAVINGS

34. Amendment of Acts.
35. Transfer of certain assets, obligations, etc., of State to Commission.

SCHEDULES

First Schedule: Powers of Commission. Second Schedule: Amendment of Acts.

AN ACT to establish the Insurance and Pensions Commission to supervise, regulate, develop and administer the business and operation of insurance companies and pension funds; to establish a Board of the Commission; to provide for the Commission’s functions, powers and management; to provide for the funds of the Commission; to amend the Insurance Act [Chapter 24:07] and the Pension and Provident Funds Act [Chapter 24:09]; and to provide for matters connected with or incidental to the foregoing.

[Date of commencement: 1st February, 2001.]

PART I

PRELIMINARY

1    Short title and date of commencement

This Act may be cited as the Insurance and Pensions Commission Act [Chapter 24:21].

                       2    Interpretation

In this Act—

“appointed member” means a member of the Board appointed in terms of paragraph (b) of subsection (2) of section five;

“Board” means the Insurance and Pensions Board established by section five;

“Commission” means the Insurance and Pensions Commission established by section three;

“Commissioner” means the Commissioner of Insurance and Pension and Provident Funds appointed in terms of subsection (1) of section nineteen;

“committee” means a committee of the Board established in terms of section fourteen;

“financial year” means the financial year of the Commission referred to in section twenty-six;

“levy” means a levy imposed in terms of section thirty;

“member” means a member of the Board, including the chairman;

“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.

PART II

INSURANCE AND PENSIONS COMMISSION

                       3     Establishment of Insurance and Pensions Commission

There is hereby established a commission, to be known as the Insurance and Pensions Commission, which shall be a body corporate capable of suing and being sued in its own name and, subject to this Act, of performing all acts that bodies corporate may by law perform.

                       4     Functions and powers of Commission

(1) The functions of the Commission shall be—

• to register insurers, mutual insurance societies and insurance brokers in terms of the Insurance Act [Chapter 24:07] and, subject to that Act, to regulate and monitor their business; and
• to register pension and provident funds in terms of the Pension and Provident Funds Act [Chapter 24:09] and, subject to that Act, to regulate and monitor their management and administration; and
• to monitor the activities of insurers, mutual insurance societies, insurance brokers and pension and provident funds to ensure that they maintain set standards and ensure compliance with the Insurance Act [Chapter 24:07] and the Pension and Provident Funds Act [Chapter 24:09], as the case may be; and
• to provide information to the public on matters relating to insurance and pension and provident funds and to encourage and promote insurance and investment in such funds; and
• to advise the Minister on matters relating to insurance and pension and provident funds; and
• to perform any other function that may be conferred or imposed on the Commission in terms of this Act or any other enactment.

(2) For the better exercise of its functions, the Commission shall have the power, subject to this Act, to do or cause to be done, either by itself or through its agents, all or any of the things specified in the First Schedule, either absolutely or conditionally and either solely or jointly with others.

                       5    Board of Commission

• The operations of the Commission shall, subject to this Act, be controlled and managed by a board known as the Insurance and Pensions Commission Board.
• The Board shall consist of—

(a) the Secretary of the Ministry responsible for finance and the Commissioner, as ex officio members; and (b) not more than five other members appointed by the Minister.

(3) Members referred to in paragraph (b) of subsection (2) shall be appointed for their knowledge of and experience in pension and insurance matters, or for their suitability otherwise for appointment.

[Section as amended by section 34 of Act 14 of 2002.]

                       6    Disqualifications for appointment as member

(1) Subject to this Act, a person shall not be qualified for appointment as a member if—

(a) he is not a citizen of Zimbabwe or ordinarily resident in Zimbabwe; or (b) he has, in terms of a law in force in any country—

• been adjudged or otherwise declared insolvent or bankrupt and has not been rehabilitated or discharged; or
• made an assignment to or composition with his creditors which has not been rescinded or set

aside;

or

(c) he has been convicted in Zimbabwe or in any other country of any offence involving dishonesty or any other offence for which a term of imprisonment without the option of a fine has been imposed whether or not any portion of that sentence has been suspended.

• A person shall not be qualified for appointment as a member, nor shall he hold office as a member, if— (a) he is a member of two or more other statutory bodies; or (b) he is a member of Parliament.
• For the purposes of paragraph (a) of subsection (2)—
• a person who is appointed to a council, board or other commission which is a statutory body or which is responsible for the administration of the affairs of a statutory body shall be regarded as a member of that statutory body;
• “statutory body” means—
  • any commission established by the Constitution; or
  • any body corporate established directly by or under an Act for special purposes specified in that Act, the membership of which consists wholly or mainly of persons appointed by the President, a Vice-President, a Minister or any other statutory body or by a commission established by the Constitution.

                       7    Terms of office and conditions of service of members

• An appointed member shall hold office for such period, not exceeding three years, as the Minister may fix at the time of his appointment.
• On the expiry of the period for which an appointed member has been appointed, he shall continue to hold office until he has been re-appointed or his successor has been appointed:

Provided that an appointed member shall not continue to hold office in terms of this subsection for more than three months.

• The Commissioner shall be a member for so long as he holds office as Commissioner.
• A person who ceases to be a member shall be eligible for re-appointment.

                       8    Vacation of office by appointed members

(1) An appointed member shall vacate his office and his office shall become vacant—

• one month after the date he gives notice in writing to the Minister of his intention to resign his office or after the expiry of such other period of notice as he and the Minister may agree; or
• on the date he begins to serve a sentence of imprisonment, whether or not any portion has been suspended, imposed without the option of a fine—
  • in Zimbabwe, in respect of an offence; or
  • outside Zimbabwe, in respect of conduct which, if committed in Zimbabwe, would have constituted an offence;

or