HARARE, May 5 (NewsDay Live) – The Insurance and Pensions Commission (IPEC) has revoked the licence of Heritage Life Limited, freezing policies and pension benefits for thousands of members.
IPEC said the move, under Section 23 of the Insurance Act, followed breaches including failure to meet capital requirements, weak asset quality, poor governance and non-submission of audited financial and actuarial reports.
The regulator said the insurer “failed and neglected to comply” despite engagement.
Policyholders and members of the Heritage Life Group Umbrella Fund have been told to submit identification, policy or membership numbers and proof of cover to IPEC offices or via email.
The shutdown deepens pressure on Zimbabwe’s insurance sector, with benefits now locked pending regulatory action. IPEC warned that operating without a licence is illegal.
