This archive report was first published on 20 November 2019.
On November 20, 2019, D&G Insurance Brokers, a company owned by billionaire entrepreneur Narendra Raval, completed the remittance of Sh442.5 million in premiums to insurance companies.
The Insurance Regulatory Authority (IRA) had been pressuring insurance agents to pay all amounts owed to underwriters, citing that late payments meant insured individuals could not be compensated in case of losses.
As of last year, D&G was among a group of brokers that owed a total of Sh43 billion to insurance companies.
Following the remittance, the company received clearance from IRA, with the authority stating in a letter dated November 20, 2019, that the outstanding premiums amounting to Sh442.5 million as of December 31, 2018, had been cleared.
Insurance brokers have been at odds with the government over a new law that bans them from handling cash on behalf of insurers, with some taking the matter to court.
