First Insurance Company Limited

news

IRA to enforce ‘no premium no cover’ rule starting 2019

Effective 1st January 2019, the Insurance Regulatory Authority hereby informs the general public that there shall be no more issuance or provision of insurance cover on credit.

Under Sections 63 (1) of the Insurance Act, No. 6 of 2017 (Act), insurance policy holders are required to pay in full the premiums payable under the insurance contract on or before the date of inception of the policy or renewal of the policy.

All insuring clients, both corporate and individuals are required to pay their premiums (insurance fees) in full /upfront on or before the effective date of their respective policies.

All premiums shall be paid directly to the Insurance Companies or HMO (for medical insurance) and NOT to an insurance broker or insurance agent as the case has been. This applies to both cash and cheque payments.

Launch of First Insurance Co./ Century Boda Boda working relationship.