IPEC revokes Heritage Life licence, benefits frozen

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.

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