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:
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…
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.