IPEC Takes Over Regulation of Zimbabwe’s Medical Aid Funds

By Southerton Business Times Reporter, Harare

The Insurance and Pensions Commission (IPEC) has assumed centralised regulatory oversight of medical aid societies and medical aid funds in Zimbabwe, ending the previous arrangement under which regulatory responsibilities were shared with the Ministry of Health and Child Care.

The change was announced by IPEC Commissioner Dr Grace Muradzikwa through Circular 37 of 2026, issued on October 5, following the enactment of the Insurance and Pensions Commission Amendment Act No. 2 of 2026.

According to the circular, IPEC will now serve as the principal supervisory authority for the medical funding industry, with health schemes required to direct regulatory and administrative applications to the commission. The reported change is intended to consolidate oversight of medical aid providers under one regulator, covering financial reporting, governance, membership contributions and complaints from beneficiaries.

New regulatory framework

Previously, medical aid societies operated under the regulatory framework administered by the Ministry of Health and Child Care, including the Medical Services Act [Chapter 15:13] and the Medical Services (Medical Aid Societies) Regulations, 2000, under Statutory Instrument 330 of 2000. The new framework provides for the IPEC Act to take precedence where provisions of the earlier legislation conflict with the amended law.

The supplied regulatory notice also cites clarification from the Attorney-General’s Office that the current legal framework does not provide for overlapping supervisory authority between IPEC and the Health Ministry. Until permanent regulations are finalised, IPEC is expected to use interim directives, operational circulars and policy guidelines to oversee the sector.

The Association of Healthcare Funders of Zimbabwe (AHFoZ), a representative body for healthcare funders, was copied on Circular 37. AHFoZ is expected to continue its internal self-regulatory activities for members, including ethical coordination and engagement on healthcare provider fee benchmarks. However, formal regulatory oversight is to be exercised by IPEC under the reported new arrangement.

Medical aid schemes face new reporting requirements

Under the revised system, medical aid societies and other medical funding entities must submit regulatory applications and administrative processes to IPEC. These include applications for registration and annual renewal, proposed changes to corporate names, and the vetting and approval of board members and principal officers.

The commission will also handle proposed changes to member contributions, benefit packages, scheme rules and constitutional provisions. Other matters falling within the reported oversight framework include the authorisation of mergers between funds, business transfers and scheme dissolutions. Medical aid entities will also be required to submit quarterly financial reports, annual audited financial statements and actuarial evaluation reports.

The commission is further expected to handle complaints from members that remain unresolved after internal procedures have been exhausted. The requirements place financial reporting, governance and beneficiary grievances within the same regulatory framework, potentially giving the commission a more consolidated view of the sector’s operations.

Outstanding applications must be transferred

Medical aid entities with applications previously submitted to the Ministry of Health and Child Care but not yet resolved have been given 30 days from October 5 to notify IPEC in writing and provide copies of the relevant files. An administrative handover between IPEC and the ministry is also under way to transfer historical records while maintaining continuity of medical aid services.

The transition will require affected schemes to review their outstanding applications and ensure that future submissions follow the commission’s procedures. For beneficiaries, the effectiveness of the new arrangement will depend on how consistently the regulator applies financial safeguards, governance standards and complaint-handling requirements.

Consolidated oversight could reduce uncertainty over where schemes and members should direct regulatory matters. However, the practical impact will depend on implementation, the final regulations and the commission’s ability to enforce its requirements.

IPEC medical aid regulation Zimbabwe