The Insurance and Pensions Commission (IPEC) has cancelled the registration of Heritage Life Limited as a life assurance company, effective immediately. The decision follows persistent non-compliance with regulatory requirements, including failure to meet minimum capital requirements, poor asset quality, and inadequate corporate governance.
Despite engagements with IPEC, Heritage Life had neglected to address these issues, prompting the cancellation under Section 22 of the Insurance Act. Policyholders and pension scheme members are advised to submit their details to IPEC for further guidance.
Affected individuals should provide their full name, ID, cell number, policy number, and policy documents to IPEC offices in Harare or Bulawayo, or email marketconduct-pensions@ipec.co.zw.
