The latest move as reported by Citizen TV deals a major blow to matatu owners seeking insurance for their vehicles in the event anything unfortunate happens to them during their operations.
Kenyan insurance giant Directline Assurance, holding the “lion’s share” of the motor commercial Public Service Vehicle (PSV) market, has announced that it will stop issuing insurance services with immediate effect.
The latest move as reported by Citizen TV deals a major blow to matatu owners seeking insurance for their vehicles in the event anything unfortunate happens to them during their operations.
On Tuesday, September 10, the company announced that the decision was reached after fraudsters infiltrated the back doors, claiming to be the shareholders of the company.
Consequently, the Association of Kenya Insures (AKI) has been directed not to issue any insurance documents under the name of Directline Insurance Company starting immediately.
Furthermore, all banks in partnership with Directline have been informed that the ownership documents of the company, specifically the CR12 forms being circulated, are counterfeit.Â
Also, the banks are not authorized to conduct any transactions that have not been approved by the legitimate shareholders, who are Royal Credit Limited, SK Macharia, and Mrs. Macharia.
More to follow…