Ncube pledges to deal with IPEC

Albert Chavhunduka/ News/ New Economy

Minister of Finance and Economic Development Mthuli Ncube says his ministry is committed to scrutinise and clean up issues of personal interest in the current Insurance and Pensions Commission (IPEC) Board to ensure effective performance of the country’s insurance sector.

Legislators in the National assembly had quizzed Ncube over the board of the commission which they argued was constituted by members who are engrossed in terms of pecuniary interest which has resulted in the insurance industry being regulated by actors who are compromised as well.

The Legislators called for the amendment of Clause 2(b) of the IPEC Amendment Bill which relates to an independent director, to ensure that all IPEC members on the Board of the Commission are independent directors and not insurance players.

Chegutu West ZANU-PF Legislator Dexter Nduna asked Ncube to clean up the insurance sector by getting it rid of directors who have personal interests which compromised the efficiency of the recommission.

“The Hon Minister agreed with me in the Second Reading when we were debating that there was need, even though that was operational to clean up the issues of personal interest of directors or board members, who should not themselves be involved in the insurance sector to the effect that currently some of them are insurance company executives and players, in particular the Chairperson of IPEC as we speak,” said Nduna.

“Zimbabwe is endowed with technocrats, we cannot have our cake and eat it. There is a lot currently happening at ZINARA as we speak because there is no clause that outlaws those members that are in Executives of private limited insurance companies and also involved with you board.

“Find a way to clean up the sector so that we do not have somebody who has got dirty hands trying to get what they can get. So there is a cohabitation which is incestuous which should not be allowed and this should be treated in this Bill by a statement. I have said there is no dearth in terms of corpus amounts, in terms of technocrats that we are endowed with as a nation and we should not have one person in a plethora of places where there is pecuniary interest.”

Another Legislator Tendai Biti of the Citizens Coalition for Change (CCC) opposition party urged the Finance Minister to put in place independent people at the helm of IPEC to ensure which promotes a balanced regulation of the pensions, insurance and assurance industry.

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