Occidental Insurance Company has flagged 100 motor vehicle insurance certificates, stating that they were issued without following the correct protocol.
The company stated that the certificates were allegedly issued on its behalf but did not meet its official standards.
“It has come to our attention that the Certificates of Insurance listed below purportedly issued on behalf of Occidental Insurance Company Limited have been irregularly issued,” the company said.
In the notice shared on Saturday, the company urged affected policyholders to contact their Head Office or any branch of Occidental Insurance Company Limited within the next seven days.
After this period, the company will not assume any liability arising from the flagged policies.
How to Conduct Occidental Insurance
The said individuals are expected to visit Occidental Insurance Company Limited at Crescent Business Center, 7th Floor, Parklands Road, Parklands, Nairobi.
Alternatively, they can reach out via email at [email protected] or contact 0709896000/0709896111.
IRA on Fake Insurance
Despite the motor vehicle insurance being one of the largest insurance businesses in Kenya in premium volume, the subsector has experienced the highest fraud cases in the recent past.
Cases where fraud rings stage-manage accidents involving expensive vehicles which may end up being written off and fake death claims lodged have also been reported.
Earlier this year, a cartel of lawyers, valuers and traffic police officers were blamed for the growing public service vehicle (PSV) insurance fraud in the country, with players in the industry estimating annual losses at over Ksh3.2 billion.
The Insurance Regulatory Authority (IRA) in May warned Kenyans against engaging an international insurer that has been offering life insurance illegally in the country.
In a statement, the commissioner of insurance indicated that the insurer, Atlas Life Insurance (PCC) Ltd, has been operating in the country without the required license.
According to the authority, it is also illegal for members of the public to buy insurance products from an insurer not licensed.
Also Read: Insurance Company Placed under Statutory Management; What it Means
Why Motor Vehicle Insurance Matters
According to the Insurance (Motor Vehicles Third Party Risks) Act, any person driving or owning a motor vehicle on a road must carry and display a valid insurance certificate.
The motor vehicle insurance is a legal requirement. The Act states that all vehicles must carry at least third-party insurance to cover damages and injuries to third parties in the event of an accident.
Failure to maintain the minimum required insurance can attract severe penalties, fines, and possible confiscation of vehicle.
By having the necessary insurance, you comply with the law while also providing financial support to others affected by an accident involving your vehicle.
Comprehensive motor vehicle insurance provides protection against not only accidents but also theft, fire, vandalism, and natural disasters, ensuring that your investment is safeguarded from unforeseen events.
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