The National Social Security Authority will now be regulated by the Insurance and Pensions Commission following President Emmerson Mnangagwa’s signing into law of the IPEC Amendment Act.
The presidential assent was announced by Chief Secretary to the President and Cabinet Martin Rushwaya in General Notice 555 of 2026 published in an Extraordinary Government Gazette.
Rushwaya said the new legislation, the Insurance and Pensions Commission Amendment Act, 2026 (No. 2), expands IPEC’s regulatory mandate within Zimbabwe’s insurance and pensions sector.
Under Section 4(a) of the Act, IPEC’s responsibilities now include the registration and supervision of insurers, mutual insurance societies, insurance brokers, medical aid societies, pension and provident funds, as well as NSSA.
The commission will ensure compliance with provisions of the Insurance Act (Chapter 24:07) and the Pensions and Provident Funds Act (Chapter 24:32), where applicable.
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NSSA, a statutory body responsible for administering Zimbabwe’s national social insurance scheme, had previously operated under the Ministry of Public Service, Labour and Social Welfare.
The signing of the law concludes months of lobbying by some stakeholders — including NSSA itself and the Tripartite Negotiating Forum (TNF) — who had urged the president not to approve the Bill after it was passed by Parliament.
The TNF, Zimbabwe’s main social dialogue platform representing government, business and labour, argued that transferring oversight to IPEC posed potential structural risks to workers’ savings. Stakeholders also raised concerns about IPEC’s institutional capacity, noting that the regulator has historically focused on private insurance and pension entities rather than a large state-run social security fund.
Finance and Economic Development Minister Mthuli Ncube steered the Bill through Parliament, saying the reforms are intended to strengthen accountability at NSSA following recurring concerns over governance failures and alleged abuse of funds.
Beyond extending IPEC’s supervisory authority, the Act aims to improve regulation, monitoring and stability within the insurance and pensions sector while enhancing transparency and protection for policyholders and pension contributors.
The legislation also establishes a Policyholders and Pensions and Provident Fund Members Protection Fund, which will be administered by the IPEC board. The fund will provide compensation to beneficiaries in cases where contributing entities become insolvent.
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