Econet Insurance has taken an insurance broker to court over unremitted subscription premiums. The insurance broker, Auto and General Insurance Brokers, sells Econet insurance on behalf of the company and is supposed to remit the money from premiums to Econet Insurance. Econet is demanding $266 571
The broker however didn’t remit premiums since September 2018.
Reads the summons:
The material terms of the agreement were inter alia, That the Defendant would sell insurance policies on behalf of the Plaintiff and Defendant would collect premiums on behalf of the Plaintiff and remit the collections to the Plaintiff on a monthly basis.
On 3 July 2019, the Defendant acknowledged its indebtedness to the Plaintiff in the sum of $241 527.54 as at 31 May 2019 and made an undertaking to clear the arrears by end of July 20th.
Despite the acknowledgement of indebtedness and assurance to settle the debt, the Defendant has failed or refused to pay Plaintiff the outstanding sums which now stand at $266 571.00.
Through its EcoSure brand, Econet sells insurance products such as Moovah Vehicle Cover, Enda Education Cover, EcoSure Funeral Cover, Hospital Cover and Accident Cover.
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