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The Government plans to take over the running of third-party motor vehicle insurance with effect from April 2024.
Presenting the 2024 National Budget on Thursday, 30 November, Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube said motorists were finding that insurance companies “have no motivation to compensate” for losses incurred because they were “profit-oriented”. He said:
<blockquote>
Third party insurance for the private and public motor vehicles was established under the Road Traffic Act in order to cushion against losses through road accidents and property damages.
Road traffic accidents are now ranked as the most prevalent cause of deaths and injuries across the globe.
Whilst insurance is an appropriate mechanism to cover liability costs, it has, however, proved difficult to enforce third party liabilities since private insurers are profit oriented, hence, have no motivation to compensate for the losses incurred.
In that regard, I propose that the government assumes third party motor vehicle insurance to private and public motor vehicles as is the case with other countries in the region.
</blockquote>
Ncube said the prescribed compensation limits provided through the Road Traffic Act are inadequate as they are restricted to death, permanent disability, and medical and funeral expenses. He said:
<blockquote>
I, therefore, propose to broaden the scope of third-party insurance cover under the Third-Party Motor Vehicle Scheme to include the following: medical benefits; rehabilitation; injury grants; funeral grants and loss of income.
The scheme will be operational with effect from April 1, 2024.
</blockquote>
Every vehicle on the road is required by law to have insurance, and the most common is the third party scheme.
Third party insurance provides coverage for damages or injuries caused by the policyholder to a third party, and does not cover damages to the policyholder’s own vehicle or injuries sustained by the policyholder.
Meanwhile, Ncube did not say anything about comprehensive insurance cover, the more expensive scheme which not only covers third-party liabilities but also the insurance holder’s vehicle.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Govt Plans To Take Over Third-party Motor Vehicle Insurance

The short-term insurance industry has now implemented the No Premium No Cover Policy following the promulgation of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The regulations stipulate that policyholders are required to pay their premiums in advance to avoid non-payment of claims in the event of the risk insured against occurring.
In a statement issued on 08 November, the Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) urged policyholders to familiarise themselves with the new regulations, that is SI 81 of 2023. Reads the statement:
<blockquote>
The Insurance and Pensions Commission (IPEC), the Insurance Council of Zimbabwe (ICZ), and the Insurance Brokers Association of Zimbabwe (IBAZ) announce the gazetting of Statutory Instrument 81 of 2023, Insurance (Amendment) Regulations, 2023 (No. 26).
The Statutory Instrument was introduced to address the unsustainable high premium debtors within the books of short-term insurers, which threatened their liquidity and soundness.
According to the Statutory Instrument, short-term insurers and brokers dealing in short-term insurance are prohibited from providing insurance coverage on credit.
Insurance cover at the inception or the renewal of a policy shall be activated upon payment of the required premium.
For the avoidance of doubt, non-payment of premiums at policy inception or renewal means the policy was not taken up or the policy lapsed, respectively.
Section 5AA. (1) states that: “The receipt of an insurance premium shall be a condition for a valid contract and there shall be no cover in respect of an insurance risk unless the premium is paid in advance.“
Premiums may be paid directly to an insurer if one is directly insured or may be paid to a broker if insured through a broker.
The provision of Section 5 AA. (1) excludes policies providing insurance for crops in terms of the Farmers Stop Order Act (Chapter 18:11).
Policyholders are advised to pay their premiums in advance in terms of the provisions of Statutory Instrument 81 of 2023 to avoid non-payment of claims in the event of the risk insured against occurring.
Meanwhile, there are ongoing engagements with financial institutions to avail insurance premium financing to assist policyholders in timeously paying premiums.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Short-term Insurance Industry Implements "No Premium No Cover" Policy

The Insurance and Pensions Commission (IPEC) has directed that with effect from 1 July 2023, subscribers of funeral policies will now pay premiums amounting to US$6 000, or the equivalent in local currency, before their policies are deemed fully paid up.
This brings to an end all forms of perpetual premium payments by funeral policyholders.
The new regulations also mean that most premium funeral policy payouts will not exceed the US$6 000 ceiling. The directive reads in part:
<blockquote>
Each funeral policy covering a single life shall be limited to a maximum sum assured not exceeding an amount of US$6 000 or the Zimbabwe dollar equivalent using the prevailing interbank exchange rate.
</blockquote>
IPEC has also directed all underwriters providing funeral assurance products to comply with Section 60 (1) (a) and (b) of the Insurance Act (Chapter 24:07), with regard to grace periods allowed before a policy lapses.
In terms of Section 60 of the Insurance Act, grace periods for funeral policies range from six months (for policies in duration of force of five years or over and less than seven years) to 60 months (for policies in duration of force of 25 years or over). IPEC said:
<blockquote>
Where a policyholder has continuously paid premiums for an existing secondary policy and met all the terms and conditions of the policy, he/she is entitled to cash in lieu of service that is equivalent to the sum assured of the policy.
… Going forward, all annually renewable policies will have a limit of three years after which they become long-term policies with a maturity date and shall have a term not exceeding 25 years from the date of conversion from an annually renewable policy to a long-term policy.
The policy shall mature at the end of the premium paying term.
</blockquote>
The new regulations follow complaints by policyholders over the design of local funeral policy products and practices of funeral assurers.
Some of the issues raised by aggrieved policyholders include the design and sale of products and services (for example, funeral policies that do not mature), delays in settling valid claims, and high penalties for policy terminations, among others.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Reprieve For Funeral Policyholders As IPEC Announces New Regulations

Vendors in Bulawayo have urged insurance companies to come up with insurance schemes that also cater for SMEs.
Bulawayo Vendors and Traders Association (BVTA) executive director Michael Ndiweni told <a href="https://newsday.co.zw/southerneye/local-news/article/200007290/vendors-appeal-for-insurance-scheme">Southern Eye</a> that their members often lose everything in the event of a fire outbreak because their goods are not insured. Said Ndiweni:
<blockquote>
Insurance is very important for small to medium enterprises (SMEs) in the event of accidents like what happened in Espamprekini in Mpopoma where people lost everything (to a fire outbreak) because their goods were not insured.
We are doing advocacy for SMEs to be granted insurance packages. We have also raised this issue to the government during budget consultations for 2023.
We also engaged the government on policy because it should come from government policy for it to be responsive to the traders.
</blockquote>
Ndiweni said property owners should be compelled to insure their goods so that their tenants do the same.

Vendors Appeal For Insurance Packages For SMEs

The Insurance Council of Zimbabwe (ICZ) said that at least 40 per cent of cars on Zimbabwe’s roads do not have third-party motor insurance.
ICZ spokesperson Ringisai Batiya said, as a result, victims of road traffic accidents fail to get compensation when they are injured while travelling on uninsured vehicles.
This has also seen the government often shouldering the financial burden of meeting the medical bills of victims of vehicle accidents. Said Batiya:
<blockquote>
About 40% of the approximately 1.5 million vehicles on the national database do not have third-party motor insurance.
Through campaigns, ICZ has been educating and raising awareness on the need to comply with statutory requirements that every vehicle on the road should have third-party motor insurance.
</blockquote>
The Zimbabwe National Road Authority (ZINARA) announced that all vehicles without valid licence disks were not being allowed to pass through tollgates with effect from 1 October this year.
Batiya said the move by ZINARA will compel motorists to comply with statutory insurance regulations.:
<blockquote>
The winner in this are road accident victims who will access compensation through insurance claims.
The move also forces vehicle registration which helps in traceability of stolen cars and tracking cars being used to commit crime.
</blockquote>
According to ZINARA, about 300 000 vehicles do not have licence disks. | <a href="https://www.zimlive.com/2022/11/40-percent-zimbabwean-cars-uninsured-icz/">ZimLive</a>

"40 Per Cent Of Zimbabwean Vehicles Are Uninsured"

Fadzayi Mahere, a former Law lecturer at the University of Zimbabwe (UZ) has said schools’ curricula must include insurance courses saying lessons on the anatomy of locusts are not helpful to most learners.
In a Twitter post seen by Pindula News, Mahere said insurance issues affect everyone, unlike locusts issues. She said:
<blockquote>
When I say the duties of the insurer &amp; the insured should be taught in school, monditi (you say) no, focus on the anatomy of the locust. We don’t all apply “head-thorax-abdomen” to real life but we all encounter insurance. Teach it. It’s not hard. Hatisikurwa (we’re not fighting).
</blockquote>
Her remarks come as some Nyaradzo Group Insurance subscribers <a href="https://zero.pindula.co.zw/more-nyaradzo-clients-complain-over-fraud/">are expressing anger over the service provider’s policy</a> saying it was robbing members of the public.
Meanwhile, the<a href="https://zero.pindula.co.zw/govt-reviews-new-schools-curriculum/"> government is reviewing the current curriculum</a> to find out the areas that need improvement starting in 2023.
The Ministry of Primary and Secondary Education adopted the skills-based education curriculum in 2017 in order to produce learners with skills to solve problems rather than theorise issues.
But since the adoption of that curriculum, parents and guardians have complained about the implementation of continuous activity learning assessment (CALA).
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Mahere Says Schools Must Teach About Insurance, Not Locusts

The Insurance and Pensions Commission (IPEC) has warned teachers against joining a pensions and funeral policy agency targeting teachers.
In a statement, the country’s pensions commission said the Zimbabwe Teachers Investment Trust (ZITIT) is not registered as an insurance company.
The warning comes after ZITIT announced that it had launched a funeral assurance plan for teachers. IPEC said:
<blockquote>
Whilst IPEC is investigating the matter, teachers are warned against buying the said (funeral) policies as the entity in question is not registered as an insurance company.
Section 7(1) of the insurance Act prohibits unregistered entities from carrying out insurance business.
To this end, the commission again reminds consumers who want to buy insurance policies to only deal with registered entities.
Consumers can check beforehand with the IPEC entities that are authorized to render insurance services…
</blockquote>
IPEC is a statutory board established in terms of the Insurance and Pensions Commission Act [Chapter 24:21] to regulate the insurance and pensions industry in the country.
<h4>More: <a href="https://www.newsday.co.zw/2021/12/bogus-funeral-insurer-targets-teachers/">NewsDay</a></h4>

Pensions Commission Flags Funeral Insurer Targeting Teachers

South African former police officer, Rosemary Ndlovu, who was found guilty on six counts of murder for murdering relatives last month, has been handed six life sentences in the High Court sitting at the Palm Ridge Magistrate’s Court.
The court sentenced Ndlovu, dubbed the insurance killer, to an additional five years for defeating the ends of justice and another 10 years for the fraud conviction.
Last month, Judge Ramarumo Monama handed six murder convictions, attempted murder, defeating the ends of justice and fraud, for Ndlovu who killed six of her relatives and pocketed more than R1.4 million in insurance claims.
Judge Monama found Ndlovu guilty for the murders of Madala Homu, 2, Audrey Ndlovu, 3, Hangwani Mabasa, 9, Zanele Motha, 10, Mayeni Mashaba and Brilliant Mashego.
Ndlovu’s luck ran out when she was filmed by an alleged hitman while plotting to kill her sister, her sister’s children and elderly mother, allegedly in a bid to benefit from insurance fraud.
She had arranged for her sister and her children to be killed in a fire at her house.
Judge Monama found the State proved its case beyond a reasonable doubt and rejected Ndlovu’s defence as not reasonably and possibly true.
<h4>More: <a href="https://www.iol.co.za/news/south-africa/gauteng/insurance-killer-and-ex-cop-rosemary-ndlovu-handed-six-life-sentences-for-murder-of-relatives-972e6319-e5a7-428d-afb4-9feb8b39a9a4">IOL</a></h4>

Insurance Killer Rosemary Ndlovu Gets Six Life Terms

The Vice President of the Association of Insurers and Reinsurers of Developing Countries Elizabeth Wynns Dodge has attributed low confidence in the insurance industry to insurers’ failure to provide expected services.
Dodge was speaking on the sidelines of a joint insurance workshop in Harare where she said:
<blockquote>It is very concerning that you have companies who fail to honour their obligations blaming economic conditions and this causes people to fail to take up insurance policies.</blockquote>
She added that insurers have to be creative, as what other countries do, so as to attract more clients. Insurers have been increasing the prices of their services citing the inflationary economy in the country.
ZBC News reports that Zimbabwe’s insurance sector has been performing very bad in over the most recent years with a total of just four million insurance policies.
More: <a href="https://www.zbc.co.zw/watch-insurers-must-not-short-change-clients-expert/">ZBC News</a>

"Insurers To Blame For All Time Low Confidence In The Industry," Elizabeth Wynns Dodge

<blockquote>Zimnat Life Assurance has introduced a funeral plan, Gadziriro/Lungiselelo, that pays out up to US$6 000 for a family of six for less than five United States dollars a month.
For a premium of US$4,99 per month a husband, wife and four children are each covered for an amount of US$1 000 in the event of their death, meaning that altogether US$6 000 will be paid out eventually to the family, presuming premiums continue to be paid.
The policy is not restricted to a family of six, nor is the amount of cover limited to US$1 000 per person. Families of any size, including extended family members, can take out a Gadziriro/Lungiselelo funeral policy, with the premium varying according to the number of people to be covered and the value of the cover required. The policy can also be taken out by a single individual.
The minimum cover per person under the Gadziriro/Lungiselelo plan is US$500 whilst the maximum cover is US$5 000 and the cover can be extended to parents and other extended family members for an additional charge.
A major feature of Gadziriro/Lungiselelo is that payment is guaranteed in United States dollars, which means the value of the policy remains the same and unaffected by any fluctuations in the value of RTGS dollars.
<a href="https://www.zimnat.co.zw/"><img alt="" class="aligncenter wp-image-99522 size-full" decoding="async" height="325" loading="lazy" sizes="(max-width: 800px) 100vw, 800px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/05/zimnat-gadziriro-insurance-cover.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/05/zimnat-gadziriro-insurance-cover.jpg 800w, https://news.pindula.co.zw/wp-content/uploads/2019/05/zimnat-gadziriro-insurance-cover-300x122.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2019/05/zimnat-gadziriro-insurance-cover-768x312.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/05/zimnat-gadziriro-insurance-cover-600x244.jpg 600w" width="800"/></a>
The policy can be applied for online through Zimnat’s self-help web portal, selfcare.zimnat.co.zw on which customers can enjoy a 10% discount by signing up. Alternatively, customers can sign up at any Zimnat branch, or through Zimnat agents countrywide.
Premiums can be paid on a monthly, quarterly or annual basis with customers getting a discount if the premiums are paid for the whole year.
The plan has an option for vigil and tombstone cover, doesn’t have any waiting period in the event of accidental death and no medicals are required to sign up.</blockquote>

FULL TEXT: Zimnat Introduces New Funeral Plan With Cover In US Dollars

The Old Mutual Group CEO, Jonas Mushosho, is set to leave the company by the end of 2019. A report on his departure by The Standard does not go into detail on why he’s leaving the group and where he will be moving to.
A source is quoted praising him Mushosho:
<blockquote>He will be missed. They loved him across the group. That’s why he was given so much responsibility.
He understood the turbulent environment and steered the group through it all. He’s going to be difficult to replace.</blockquote>
Mushosho doubled as the CEO for Old Mutual Emerging Markets (Rest of Africa) which was all countries Old Mutual operates in on the content except Africa. He was pointed to this position in February 2010. Mushosho has reportedly been with the company for 28 years.
More: <a href="https://www.thestandard.co.zw/2019/05/12/old-mutual-boss-step/">The Standard</a>

Old Mutual Group CEO, Jonas Mushosho, To Leave Company

Zimbabwean executive, Tavona Biza, has been appointed the new head of Old Mutual Ghana. Biza was formerly the Managing Director of Old Mutual Life Assurance Company and Old Mutual Pension Services Company in Malawi and has been with Old Mutual for 10 years.
CEO of Old Mutual Rest of Africa, Jonas Mushosho, commented on the appointment:
<blockquote>The Board, executive management and employees of Old Mutual Ghana extend a warm welcome to Tavona and wish him well in his new role. His in-depth business experience will contribute significantly to leading our efforts to grow the Old Mutual Ghana business, strengthen our strategic partnership with Ecobank and service the financial needs of our Ghanaian customers</blockquote>
Tavona has also held various industry positions, including President of the Life and Pensions Association and the Actuarial Society. Old Mutual Limited has more than 28 000 employees and 10 million customers across the African continent.
More: <a href="http://ri.co.zw/2019/01/26/zimbabwean-appointed-old-mutual-ghana-ceo/">Risk &amp; Insurance Zimbabwe</a>

Zimbabwean,Tavona Biza, Appointed Old Mutual Ghana CEO

The insurance industry in Zimbabwe is working on establishing the Zimbabwe Insurance Crimes Bureau (ICB) to prevent and investigate cases of insurance fraud. At the moment, the insurance companies use internal teams to investigate suspicious claims. Commons forms of insurance fraud include false claims for accidents, deaths thefts as well as altering the dates of the claims.
Insurance Council of Zimbabwe (ICZ) technical manager, Nicholas Sayi said,
<blockquote>We are setting up an independent bureau to assist the industry to prevent (fraud) and if they do happen, then investigate the cases.</blockquote>
More: <a href="http://ebusinessweekly.co.zw/zim-establishing-insurance-fraud-fighting-unit/" rel="noopener" target="_blank">Business Weekly</a>

Insurance Industry To Set Up Unit To Investigate Insurance Fraud

<blockquote>With the Zimbabwean economy opening up and new possibilities for trade emerging, Zimnat has established a specialist division offering trade credit insurance to cover the risk of payment default that a trader supplying goods on credit faces.
<div>
<div>
The new stand-alone division, which is located at 71 Mull Road in Harare’s Belvedere suburb, also offers surety bonds and guarantees.
Trade credit insurance protects traders who supply goods or services on credit against the risk of payment default. Zimnat’s trade credit insurance is available to protect against such default in respect of both local and foreign trade.
The General Manager of Zimnat’s Trade Credit, Bonds and Guarantees Division, Mr Shepherd Tembo, said the division hoped to facilitate exports through the trade credit insurance it offered.
“The division expects to promote and facilitate international trade through export trade credit insurance, which will give local companies the confidence to export to different international markets, knowing that the risk of non-payment is offset by the insurance cover they have.
“Because Zimnat will be taking over that risk, it obviously has to undertake due diligence and thoroughly vet the companies that are being supplied with goods on credit.
“That means that the company taking out the insurance policy has the added benefit of a free vetting service. Often such vetting, particularly when it is of a company abroad, is costly,” he said.
He added that the insurance would also be useful to exporters seeking a bank loan to finance their exports. Where a bank loan was involved, the insurance provided the bank too with some protection.
One of the barriers there had been to the growth of companies’ operations and the country’s economic development had been lack of access to credit, he pointed out.
Companies taking out trade credit insurance did not have to worry about debt collection, in the event of default, as Zimnat would take care of recovering the money from the debtor, he said.
Mr Tembo said the new division, which is staffed by experienced trade credit insurance and surety bonds and guarantees experts, intended to remodel the way trade credit insurance and suretyship are transacted in Zimbabwe through tailoring what otherwise would be generic products to suit particular circumstances in order to facilitate trade and unlock value.
Domestic Credit Insurance is available to local suppliers to cover the risk of non-payment when they offer trade credit to local companies.
Export Credit Insurance covers the risk of non-payment when exporters offer trade credit to foreign buyers.
Zimnat offers Supply Chain Finance Credit Insurance, also knowns as Reverse Factoring, to trade finance companies or the trade and finance department of a bank that is willing to settle supplier invoices in advance before the invoice payment due date.
“In this way the insurance provides suppliers with access to advantageous financing facilities by leveraging on the buyer’s stronger credit rating,” Mr Tembo said.
</div>
</div>
</blockquote>
<div>
<blockquote>
<div>
Zimnat also offers Services Credit Insurance against the risk of payment default by aservice provider’s customers.
It offers Receivable Purchaser of Trade Finance Credit Insurance to trade financers and banks when they provide invoice discounting and debt factoring services. This covers the risk of payment default posed by the underlying debtors on factored or discounted invoices.
Zimnat’s Trade Credit, Bonds and Guarantees Division also offers Salary Based Loans Insurance to financial institutions providing consumer finance to salaried individuals and Lease Finance Insurance to leasing institutions and banks providing asset finance and leasing services.
The division offers trade facilitation bonds as well. These are bonds and guarantees requested by suppliers of goods and commodities when they extend deferred payment terms to traders under a trade-related contract or by purchasers who advance payments to suppliers under a supply contract. 
These Performance or Advance Payment Bonds guarantee the successful execution of the underlying trade contracts by the traders or suppliers.
The division also offers Surety Bonds and Guarantees to assist prospective clients within the construction, shipping and freight forwarding sectors as well as estate executors and administrators in conducting their business, by providing the necessary bonds and guarantees required by those engaging or considering contracting them.
</div>
</blockquote>
</div>

Zimnat Establishes Trade Credit Insurance Unit To Boost Exports

<blockquote>With the Zimbabwean economy opening up and new possibilities for trade emerging, Zimnat has established a specialist division offering trade credit insurance to cover the risk of payment default that a trader supplying goods on credit faces.
<div id="contentsContainer">
<div id="contents">
The new stand-alone division, which is located at 71 Mull Road in Harare’s Belvedere suburb, also offers surety bonds and guarantees.
Trade credit insurance protects traders who supply goods or services on credit against the risk of payment default. Zimnat’s trade credit insurance is available to protect against such default in respect of both local and foreign trade.
The General Manager of Zimnat’s Trade Credit, Bonds and Guarantees Division, Mr Shepherd Tembo, said the division hoped to facilitate exports through the trade credit insurance it offered.
“The division expects to promote and facilitate international trade through export trade credit insurance, which will give local companies the confidence to export to different international markets, knowing that the risk of non-payment is offset by the insurance cover they have.
“Because Zimnat will be taking over that risk, it obviously has to undertake due diligence and thoroughly vet the companies that are being supplied with goods on credit.
“That means that the company taking out the insurance policy has the added benefit of a free vetting service. Often such vetting, particularly when it is of a company abroad, is costly,” he said.
He added that the insurance would also be useful to exporters seeking a bank loan to finance their exports. Where a bank loan was involved, the insurance provided the bank too with some protection.
One of the barriers there had been to the growth of companies’ operations and the country’s economic development had been lack of access to credit, he pointed out.
Companies taking out trade credit insurance did not have to worry about debt collection, in the event of default, as Zimnat would take care of recovering the money from the debtor, he said.
Mr Tembo said the new division, which is staffed by experienced trade credit insurance and surety bonds and guarantees experts, intended to remodel the way trade credit insurance and suretyship are transacted in Zimbabwe through tailoring what otherwise would be generic products to suit particular circumstances in order to facilitate trade and unlock value.
Domestic Credit Insurance is available to local suppliers to cover the risk of non-payment when they offer trade credit to local companies.
Export Credit Insurance covers the risk of non-payment when exporters offer trade credit to foreign buyers.
Zimnat offers Supply Chain Finance Credit Insurance, also knowns as Reverse Factoring, to trade finance companies or the trade and finance department of a bank that is willing to settle supplier invoices in advance before the invoice payment due date.
“In this way the insurance provides suppliers with access to advantageous financing facilities by leveraging on the buyer’s stronger credit rating,” Mr Tembo said.
</div>
</div>
</blockquote>
<div id="contentsContainer">
<blockquote>
<div id="contents">
Zimnat also offers Services Credit Insurance against the risk of payment default by a service provider’s customers.
It offers Receivable Purchaser of Trade Finance Credit Insurance to trade financers and banks when they provide invoice discounting and debt factoring services. This covers the risk of payment default posed by the underlying debtors on factored or discounted invoices.
Zimnat’s Trade Credit, Bonds and Guarantees Division also offers Salary Based Loans Insurance to financial institutions providing consumer finance to salaried individuals and Lease Finance Insurance to leasing institutions and banks providing asset finance and leasing services.
The division offers trade facilitation bonds as well. These are bonds and guarantees requested by suppliers of goods and commodities when they extend deferred payment terms to traders under a trade-related contract or by purchasers who advance payments to suppliers under a supply contract. 
These Performance or Advance Payment Bonds guarantee the successful execution of the underlying trade contracts by the traders or suppliers. 
The division also offers Surety Bonds and Guarantees to assist prospective clients within the construction, shipping and freight forwarding sectors as well as estate executors and administrators in conducting their business, by providing the necessary bonds and guarantees required by those engaging or considering contracting them.
</div>
</blockquote>
</div>

The <a href="http://www.pindula.co.zw/Insurance_and_Pensions_Commission">Insurance and Pensions Commission (IPEC)</a> has preregistered two insurance firms for failing to meet the  minimum capital threshold of $1,5 million.  The two firms Heritage Insurance and Excellence Insurance are both non-life insurance companies, and have been suspended from doing any business.  This comes after KFMS Insurance was deregistered in the last quarter leaving the number of non-lifer insurance companies at 20.
In a notice from IPEC commissioner Manette Mpofu, the body said:
<blockquote>It is hereby noticed that in terms of section 23 of the Insurance Act (Chapter 24:07), the following insurance companies have had their certificates of registration cancelled: KFMS Insurance Company, Heritage Insurance Company of Zimbabwe and Excellence Insurance Company.</blockquote>
 
More: <a href="http://source.co.zw/2016/11/ipec-deregisters-two-more-insurance-firms/" target="_blank">Source</a>

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