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D&G Insurance Brokers, in which billionaire entrepreneur Narendra Raval has a 50 percent stake, has completed the remittance of a total of Sh442.5 million worth of premiums it had collected on behalf of insurance companies.
The Insurance Regulatory Authority (IRA) has been pressuring insurance agents to pay all the amounts owed to underwriters, arguing that late payments mean that the insured cannot be compensated in case they suffer losses.
D&G was among a group of brokers that owed a total of Sh43 billion to insurance companies as of last year.
The company, which is owned on a 50/50 basis by Mr Raval and his business partner Sunil Dhall, says it has received clearance from IRA after remitting all the premiums it collected.
“We confirm that we received clearance letters from insurers showing that the outstanding premiums amounting to Sh442.5 million as at December 31, 2018 have been cleared,” IRA wrote to D&G in a letter dated November 20, 2019 seen by Business Daily.
Insurance brokers have gone to court as part of their fight to continue receiving premiums on behalf of underwriters.
The Insurance Act was amended effective July this year, banning the brokers from handling cash on behalf of insurers.
The brokers received a temporary court injunction allowing them to continue receiving premiums until the matter is determined.
Story by Victor Juma as appeared on Business Daily https://www.businessdailyafrica.com/corporate/companies/Insurance-broker-remits-Sh442m/4003102-5356372-m7ama6z/index.html