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Zimbabwe: Nonlife insurers breaching prescribed assets rule to face regulatory action

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Zimbabwe's insurance regulator said it will take necessary action against those nonlife insurers that do not comply with the minimum prescribed assets ratio as required by law, The Herald reported.

Nonlife insurers are required to invest at least 5% of their assets in prescribed assets.

However, it was found that only five out of the 29 nonlife insurers invested in prescribed assets for the quarter ended Dec. 31 2013.

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