THE insurance industry used to have a Commissioner of Insurance who to all intents and purposes regulated the operations of the industry attached to the Ministry of Finance.
The government however, after prolonged half-hearted co
nsultations with the industry, and to be seen to be doing something in the context of turning around the economy, fast-tracked the establishment of the so-called Independent Commission to oversee the industry. The reason was it’s the norm in other countries forgetting that:
* Other countries have normal operating economies;
* Commissions in other countries genuinely add value to the industry; and
* Issues of composition of the commission, terms of reference, budgets and funding are discussed and agreed upon before, and not after the commission is operational.
In our case, the commission is appointed and we are told we will be levied to foot the commission’s operations. The levies, we are told, should be paid by July 1 as there are capital and running expenses to be attended to. Struggling as we are due to the harsh economic environment created by the same government, the industry finds itself asking if this is the right time to effect these changeovers.
The industry pays taxes and surely the government should cater for this commission. If there are
no funds, why then the hurry which results in the passing on of the burden to already struggling operators?
Besides creating jobs for the chosen few with the accompanying huge salaries and perks, what value is the commission adding to the industry to justify cowing us to fund them?
And as is the norm with Zimbabwe’s business fraternity and public in general, they cry foul amongst themselves but fail to muster the guts to resist. — Robbed.