Broker charged over missing Sh11.8 million re-insurance premiums

The broker failed to remit all reinsurance premiums paid to her company

In Summary

•Underwriting Africa Ltd Chief Executive Officer Cecilia Bridget Rague allegedly failed to remit reinsurance premiums paid to her company by Sanlam General Insurance.

•She appeared for a virtual hearing before Nairobi Chief Magistrate Martha Mutuku where she denied the charges.

Image: FILE

A Nairobi based re-insurance broker was on Monday arraigned in court over theft of Sh11.8 million.

Underwriting Africa Ltd Chief Executive Officer Cecilia Bridget Rague allegedly failed to remit reinsurance premiums paid to her company by Sanlam General Insurance.

She appeared for a virtual hearing before Nairobi Chief Magistrate Martha Mutuku where she denied the charges.

Rague was accused of withholding part of the Sh 13.3 million she received from the insurance company for remittance to the various re-insurers.

Investigations by the Insurance Fraud Investigation Unit (IFIU) revealed that the  broker, allegedly only paid Sh1.4 million withholding a total of Sh11.9 million.

The accused was released on a Sh1 million cash bail or a Sh2 million bond with a surety of a similar amount as the next hearing scheduled for December 10 2021.

According to a report by IRA released last year, 30 fraud cases including six theft by agents matters, were reported to the IFIU in the last quarter of 2019.

Sixteen cases were reported in October, three in November and 11 in December.