Insurance Authority to return security deposits

What you need to know:

  • Insurance brokers have to provide evidence that the company settled all financial transactions with all insurance companies it dealt with before it lost its license.
  • IRA is obliged to use the money once an insurance company fails to settle a client’s claim or return it to the insurer once the company winds up.

Insurance Regulatory Authority (IRA) has issued an ultimatum to insurance companies and brokers that ceased operations to apply for withdrawal of their security deposits or risk losing their money. 36 firms will benefit from this gesture.
“We gave them a deadline that if they do not pick that money, they cannot come out and claim for that money,” communications officer IRA Ms Mariam Nalunkuuma said in an interview on Tuesday.

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