The Commission was appointed by former President Mugabe. Its terms of reference of the Commission mandated the Commission to investigate the following issues among others:
· To establish the total value, nature and type of assets owned by insurance companies and pension funds;
· To determine the causes of loss of value of insurance and pension benefits;
· To assess the conversion methods and processes of insurance and pension assets and liabilities to Unites States dollars;
· To establish the extend of prejudice if any to policy holders and pensioners;
· To recommend compensation where prejudice has been established and;
· To examine instances of regulatory failures and finally;
· To assess the soundness of the industry and the role of the insurance and pension sector in the economy.