MEFMI Trains IPEC Officials on Fundamentals of Insurance and Pension Supervision

MEFMI conducted a workshop on the foundational issues in insurance and pension supervision The training covered the identification and quantification of risks facing insurers and pension funds, micro and macroprudential analysis, as well as solvency determination and introduction to stress testing. The training was held at the Holiday Inn in Mutare, Zimbabwe from 24 to 28 July 2023.

The Insurance and Pensions Commission of Zimbabwe (IPEC) is implementing risk-based supervision (RBS) to strengthen the regulation and supervision of the insurance and pension sectors in Zimbabwe. IPEC has, thus far, developed a solvency management framework called the Zimbabwe Integrated Capital and Risk Programme (ZICARP) which requires the conducting of micro and macro stress tests for the insurance and pensions entities.

The IPEC Commissioner, Dr Grace Muradzikwa officially opened the workshop, and in her remarks outlined the Commission’s journey towards full implementation of RBS and paid credit to MEFMI for providing support in building capacity at the Commission.

A total of 40 participants attended the training. In terms of gender distribution, there were 14 female participants i.e., 35 per cent of the total participants. The training enhanced the participants’ knowledge of the operations and oversight, as well as capital provisioning and stress testing of insurance and pension entities.

Four resource persons facilitated the workshop. These are Mr Adrianus Vugs (Independent Consultant), Mr Welcome Mavingire (Independent Consultant), Mr Edwin Mulenga (Reserve Bank of Malawi) and Mr Noel Mahombera (MEFMI Secretariat).

By Noel Mahombera