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Zimbabwe: Nonlife insurers fail to comply with minimum prescribed assets ratio

July 7, 2014 - 6:00am


Zimbabwe's Insurance and Pension Commission has said it would take legal action against nonlife insurers that have failed to meet the compulsory minimum prescribed assets ratio, The Herald reported.

An insurance report for the quarter ended March 31, 2014 said that only FBC Reinsurance Co. had complied with the prescribed assets ratio, out of all the short term underwriters operating in the country.

The regulator also said only six nonlife players out of 25 had investments in prescribed assets, The Herald reports.

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