Zimbabwe
Insurance and Pensions Commission Act
Chapter 24:21
- Commenced on 1 February 2001
- [This is the version of this document at 31 December 2016 and includes any amendments published up to 31 December 2017.]
- [Note: This version of the Act was revised and consolidated by the Law Development Commission of Zimbabwe]
Part I – Preliminary
1. Short title and date of commencement
This Act may be cited as the Insurance and Pensions Commission Act [Chapter 24:21].2. Interpretation
In this Act—“appointed member” means a member of the Board appointed in terms of paragraph (b) of subsection (2) of section five;“Board” means the Insurance and Pensions Board established by section five;“Commission” means the Insurance and Pensions Commission established by section three;“Commissioner” means the Commissioner of Insurance and Pension and Provident Funds appointed in terms of subsection (1) of section nineteen;“committee” means a committee of the Board established in terms of section fourteen;“financial year” means the financial year of the Commission referred to in section twenty-six;“levy” means a levy imposed in terms of section thirty;“member” means a member of the Board, including the chairman;“Minister” means the Minister of Finance or any other Minister to whom the President may, from time to time, assign the administration of this Act.Part II – Insurance and Pensions Commission
3. Establishment of Insurance and Pensions Commission
There is hereby established a commission, to be known as the Insurance and Pensions Commission, which shall be a body corporate capable of suing and being sued in its own name and, subject to this Act, of performing all acts that bodies corporate may by law perform.4. Functions and powers of Commission
5. Board of Commission
6. Disqualifications for appointment as member
7. Terms of office and conditions of service of members
8. Vacation of office by appointed members
9. Suspension of members
The Minister—10. Dismissal of Board
11. Filling of vacancies on Board
12. Chairman and vice-chairman of Board
13. Meetings and procedure of Board
14. Committees of Board
15. Remuneration and allowances of members of Board and committees
16. Members of Board and committees to disclose certain connections and interests
17. Minutes of proceedings of Board and committees
18. Validity of decisions and acts of Board and committees
No decision or act of the Board or a committee or act that is authorised by the Board or a committee shall be invalid solely because there was a vacancy in the membership of the Board or the committee or because a disqualified person purported to act as a member of the Board or the committee, as the case may be, at the time the decision was taken or the act was done or authorised.19. Appointment and functions of Commissioner
20. Other staff of Commission
21. Execution of contracts and instruments by Commission
Any agreement, contract or instrument approved by the Board may be entered into or executed on the Commission’s behalf by any person generally or specially authorised by the Board for that purpose.22. Reports of Commission
23. Commissioner may require statistics and information
The Commissioner may, from time to time, direct insurers, mutual insurance societies, pension and provident funds and insurance brokers to furnish him with such information and statistics as the Commissioner may require in regard to insurance and pension matters.Part III – Financial provisions relating to Commission
24. Funds of Commission
25. Investment of moneys not immediately required by Commission
Moneys not immediately required by the Commission may be invested in such manner as the Board, in consultation with the Minister, may approve.26. Financial year of Commission
The financial year of the Commission shall be the period of twelve months ending on the 31st December in each year.27. Accounts of Commission
28. Audit of Commission’s accounts
29. Powers of auditors
Part IV – Levies
30. Imposition of levies
31. Withdrawal, suspension or increase of levy
Without derogation from section 21 of the Interpretation Act [Chapter 1:01], the Board, with the approval of the Minister, may by statutory instrument—32. Recovery of unpaid levy
A levy and any interest or surcharge connected therewith shall be a debt due to the Commission, and any amount of levy or of such interest or surcharge that is not paid, collected or remitted may be recovered by the Board by proceedings in a court of competent jurisdiction.Part V – General
33. Regulations
The Minister, after consultation with the Board, may make regulations providing for all matters which in terms of this Act are required or permitted to be prescribed or which, in his opinion, are necessary or convenient to be prescribed for carrying out or giving effect to this Act.Part VI – Amendments, transitional provisions and savings
34. Amendment of Acts
The Act specified in each Part of the Schedule is amended to the extent set out in that Part.35. Transfer of certain assets, obligations, etc., of State to Commission
36. Savings
Where, before the fixed date—History of this document
31 December 2016 this version
Consolidation
01 February 2001
Commenced
Cited documents 0
Documents citing this one 3
Legislation 3
1. | Insurance Act | 3 citations |
2. | Banking Act | 1 citation |
3. | Pension and Provident Funds Act | 1 citation |