THE insurance and pensions industry has cheered the recent approval of Mimosa Pension Fund’s pre-2009 compensation scheme, saying it is a significant step towards restoring stakeholder confidence in the industry.
So far, this is the first and only plan to receive approval from the Insurance and Pensions Commission (IPEC). The regulator received plans from all players within the industry late last year, after the government set out the guidelines for the compensation.
Economic expert Kudakwashe Munemo hailed this development as a “huge milestone” that will “bring sanity to the industry.”