Bulawayo, (New Ziana)— The Insurance and Pensions Commission (IPEC) has cancelled the registration licence of life assurance company Heritage Life Limited, after it failed to meet key regulatory requirements.
The IPEC said the move was aimed at safeguarding policyholders and pension fund members.
In a public notice on Wednesday, IPEC said the action was taken “in terms of the Insurance Act,” citing “non-compliance with key regulatory requirements, including minimum capital thresholds, corporate governance standards, asset quality, and statutory reporting obligations.”
“Notice is hereby given that the Insurance and Pensions Commission (IPEC) has, in terms of section 22 of the Insurance Act (Chapter 22 of the Insurance Act[Chapter 24:07],cancelled the registration of Heritage Life limited as a Life Assurance Company,” it said.
“The basis of the cancellation of registration licence is that Heritage Life has breached the terms the terms and conditions for registration, which include compliance with minimum capital requirements, poor asset quality, corporate governance requirements prescribed by the Insurance Act and Directive on Corporate Governance and Risk Management for Insurance Companies and submissions of audited financial statements and actuarial valuations reports in terms of section 30 of the Insurance Act Chapter 24:07,” it added.
The regulator said despite its engagements with Heritage Life limited Company, the life assurer has failed and neglected to comply with the obligations.
IPEC urged affected clients to come forward for assistance.
“If you hold a policy with Heritage Life or are a member of the Heritage Life Group Umbrella Fund (formerly IGI Group Pension Fund), you are advised to contact IPEC immediately and submit your details for assistance,” it said.
It said submissions can be made physically at its offices or through its official email platform, as the regulator moves to assess claims and guide policyholders on the next steps.
The Commission highlighted that it remains committed to protecting the interests of insurance policyholders and pension scheme members.
The cancellation of an insurer’s licence is one of the strongest enforcement actions available to IPEC and is typically reserved for serious or persistent breaches.
Registration under Zimbabwe’s insurance laws is not merely procedural, it certifies that a company meets strict financial and governance standards designed to ensure it can honour long-term obligations to policyholders.
Failure to maintain adequate capital levels, for instance, raises the risk that an insurer may be unable to pay claims, while weak corporate governance and poor asset quality can expose policyholders’ funds to mismanagement or loss.
Industry experts say such regulatory interventions, while disruptive in the short term, are essential for maintaining confidence in the insurance and pensions sector.
By removing non-compliant players, regulators assist in protecting consumers and uphold the integrity of the financial system.
For affected policyholders, the immediate impact may include uncertainty over the status of their policies or benefits.
However, regulatory frameworks typically provide mechanisms for remediation, including possible transfers of policies, claims verification processes, or structured compensation pathways under IPEC oversight.
New Ziana
