MILLICENT HUNGWE
The Insurance and Pensions Commission (IPEC) has cancelled the registration of Orchid Funeral Assurance (Private) Limited as a funeral assurance company, according to a public notice issued by the regulator on June 1.
In the notice in the possession of The Midweek Watch, IPEC stated that the cancellation was made in terms of the Insurance Act [Chapter 24:07] after the company failed to comply with key registration requirements.
The regulator cited failure to maintain minimum capital requirements, non-submission of quarterly returns and audited financial statements, as well as the absence of a Principal Officer and a functioning Board as the reasons for the cancellation.
IPEC noted that despite several engagements with Orchid Funeral Assurance, the company failed and neglected to comply with its statutory obligations, prompting the Commission to take regulatory action.
The Commission has since called on all policyholders of Orchid Funeral Assurance to approach IPEC and submit their full names, identity documents, contact details, policy numbers and copies of their policy documents.
The information must be submitted to IPEC offices by 30 June 2026.
Policyholders can submit the required documents at IPEC offices in Harare and Bulawayo or via email.
The notice was issued by IPEC as part of efforts to safeguard the interests of policyholders and ensure compliance within the insurance sector.
