Bills to help enhance consumer protection

THE Parliamentary Portfolio Committee on Budget, Finance and Economic Development has stressed the importance of the Insurance Bill and the Insurance Pensions Commission Bill saying these will align the two acts with the Constitution.

The two bills will also address the legislative and governance issues.
Budget, Finance and Economic Development chairperson Dr Matthew Nyashanu said this during a public hearing of the two bills at a local hotel in Bulawayo yesterday.

“These two bills seek to align two acts to our Constitution and they also seek to address the legislative and governance issues around the insurance industry and the insurance and pension commission itself.

“There are deficiencies that were identified by the Justice Smith-led Commission of Inquiry and those deficiencies are being addressed by these two bills,” he said.

In 2015, the late former president Robert Mugabe set a commission of inquiry led by Retired Judge Justice George Smith to probe the conversion system used in converting pensions and insurance benefits following the dollarisation of the economy.

Thus, Dr Nyashanu said some of the deficiencies which were found during that commission of inquiry are being addressed by the Insurance Bill of 2021 and the Insurance Pensions Commission Bill of 2021.

He said these two bills will help to enhance consumer protection.

“If you look at the Insurance Bill, it seeks to ensure that governance issues to do with consumer protection are enhanced,” said Dr Nyashanu.

Although the turnover of the public was slow at yesterday’s hearing, he said the above bills are technical and not everyone can contribute.

He said many of the representatives are in Harare and his committee is looking forward to meet them on Wednesday as the hearing continues.

“Being a technical bill, you may not find every ordinary citizen participating but those with technical knowledge are normally coming forward to make their submission.

“As a committee we value every contribution but this is a technical bill and many people here in Bulawayo are being represented in Harare by certain organisations, and we intend to meet them in Harare on Wednesday (tomorrow),” said the committee’s chairperson.

The bills have not been repealed but they are some sections being amended to improve and increase the functionality of the portfolio committee and the bills.-The Chronicle