Untitled-1 press statement ZITIT A4 edited€¦ · Title: Untitled-1 press statement ZITIT A4 edited Created Date: 4/10/2020 3:22:03 PM ...

HEAD OFFICE- 160 Rhodesville Ave, Greendale, HarareCOMPLAINTS HANDLING OFFICE- Kingstons House, Cnr LeopoldTakawira/Kwame Nkrumah Avenue, Harare

+263 (242) 443358/59/61 | +263 (242) 443322+263 772 154 281-4 | +263 (242) 444033

www.ipec.co.zwProtecting the Interests of Insurance and Pension Consumers

WARNING TO TEACHERS AGAINST BUYING FUNERAL POLICIES FROM ZIMBABWE TEACHERS INVESTMENT TRUST (ZITIT) The Insurance and Pensions Commission (IPEC)’s attention has been drawn to a message circulating on social media claiming that an entity called Zimbabwe Teachers Investment Trust (ZITIT) has allegedly launched a funeral assurance plan for teachers.

Whilst IPEC is investigating the matter, teachers are warned against buying the said policies as the entity in question is not registered as an insurance company.

Section 7 (1) of the Insurance Act, prohibits unregistered entities from carrying out insurance business.

To this end, the Commission again reminds consumers who want to buy insurance policies to only deal with registered entities.

Consumers can check beforehand with the Insurance and Pensions Commission, entities that are authorised to render insurance services.The list of registered insurance entities can also be found on the IPEC website: www.ipec.co.zw. IPEC is a statutory body established in terms of the Insurance and Pensions Commission Act [Chapter 24:21] to regulate the insurance and pensions industry in Zimbabwe.

PRESS STATEMENT