Analysing Microinsurance Regulation In Relation To Consumer Protection In Zimbabwe

TABLE OF CONTENTS

Declaration i

Approval Page ii

Dedication iii

Acknowledgment iv

CHAPTER 1

1.1 Introduction 1

1.2 Background to study 2

1.3 Statement of the Problem 5

1.4 Research Questions 5-6

1.5 Research Aims and Objectives 6

1.6 Research Methodology 6

1.7 Significance of Study 7

1.8. Literature Review 7-9

1.9 Chapter Synopses 10-11

CHAPTER 2

2.1 Introduction 12

2.2 Conceptualisation of Insurance 12-13

2.3. Conceptualisation of Microinsurance 14

2.4. Historical Trajectory of microinsurance 14-15

2.5. Importance of microinsurance 15-16

2.6. Consumer Protection 17-18

2.7. Importance of Microinsurance 18

2.8. Need for legal regulation of microinsurance 18-19

2.9. Relationship between microinsurance and consumer protection 19-20

2.10. Conclusion 20

7

CHAPTER 3

3.1. Introduction 21

3.2 Legislative Framework 22

3.2.1 Insurance Act [Chapter 24:07] 22-25

3.2.2 Insurance Regulations 25-27

3.2.3 Consumer Contracts Act [Chapter 8:07] 27-28

3.2.4 Consumer Protection Bill 29-30

3.2.5. Microinsurance Regulatory Framework 31-35

3.3 Conclusion 35-36

CHAPTER 4

4.1. Introduction 37

4.2. Legal Framework 37-38

4.2.1 Insurance Act, 724 (2006) 38-42

4.2.2 Market (Microinsurance) Conduct Rules, 2013 42-47

4.2.3. Microinsurance Explanatory Note 47-49

4.3. Conclusion 49-50

CHAPTER 5

5.1. Introduction 51

5.2. Summary of Findings 51-52

5.2. Specific Recommendations 52

5.2.1. Constitutional Reform 52-53

5.2.2. Enactment of Microinsurance Act 53

5.2.3. Introduction of Market (Microinsurance) Conduct Rules 53

5.2.4. Explanatory Note 54

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5.2.5. Microinsurance Regulatory Commission 54

5.3. General Recommendations 54

5.3.2. The Role of Actuaries 55

5.3.3. Consumer Education 56

5.4 Conclusion 56-57

Bibliography 58-59