The introduction of SI142 continued to be mounted with confusion as other lines of business are still allowed to charge in foreign currency. Recently, Chicken inn announced that it will be accepting the US Dollar since it is listed under tourist facilities.
The recent move will see other insurance products being paid for in foreign currency as others are still charged in the Zimbabwean dollar. Insurance and Pension Commission(IPEC) posted the land mark ruling after wide consultations with the Reserve Bank of Zimbabwe.
The full post read:
FOREIGN CURRENCY FOR SELECTED INSURANCE PRODUCTS APPROVED! Following the introduction of the SI142 of 2019, we conducted consultations with
which resulted in approval of forex denominated policies on selected products as per industry request!
POLICIES APPROVED ARE – 1. Existing foreign currency denominated policies to run to their natural expiry
2. International travel insurance
3. Vehicles in transit
4. Customs bond insurance
5. Bank cash in transit
6. Safari operators’ licence