TIRA warns against fake insurance brokers

TANZANIA : DAYS are numbered for fraudulent insurance brokers; the Tanzania Insurance Regulatory Authority (TIRA) has warned.

The regulator’s boss Dr Baghayo Abdallah Saqware said here on Thursday that the government will not turn a blind eye on such fraudsters as they continue fleecing unsuspecting customers.

Dr Saqware further warned that there will be a crackdown of such honest individuals who tarnish the industry’s image.

“Such people have no place in our industry, we will search for them wherever they may be,” he warned.

TIRA Commissioner General Dr Saqware observed that the rise of dishonest insurance brokers was throwing the industry into disrepute.

“The days are over for anyone engaging in any form of deceit within this industry,” he insisted.

Dr Saqware equally appealed to members of the public to shun insurance fraud, saying it was a crime.

The TIRA Commissioner General expressed his concern on the number of people who file false claims to get money.

Dr Saqware urged insurance service providers to report such incidences whenever they occur.

He noted with concern how some individuals lying to obtain a benefit or advantage to which they are not otherwise entitled or someone knowingly denies a benefit that is due and to which someone is entitled.

Insurance frauds may include fake death claims, falsified beneficiary claims and theft of premiums among others, according to Dr Saqware.

He noted that insurance services were crucial for safeguarding assets and health.

For her part, TIRA Northern Zone Manager, Ms Gladness Lema, reassured both insurance users and providers about the security of the sector.

The Insurance Regulator was established under the Ministry of Finance by the Insurance Act Number 10 of 2009 and commenced operations in 2009.

It operates as a perpetual corporate entity with regulatory and supervisory authority over insurance business in the country, serving insurance registrants, players and the general public as mandated by law.