BY CATHERINE MUCHIRI
ZIMBABWE’s pensions’ commission has warned teachers against joining a bogus pensions and funeral policy agency targeting the country’s educators.
In a statement, the Insurance and Pensions Commission (Ipec) red flagged the shadowy Zimbabwe Teachers Investment Trust (ZITIT) as bogus.
Ipec said its attention was drawn to a message circulating on social media platforms claiming that ZITIT had launched a funeral assurance plan for teachers
“Whilst Ipec is investigating the matter, teachers are warned against buying the said (funeral) polices as the entity in question is not registered as an insurance company,” Ipec said.
“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.
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