Locally, in 2014 Local Authorities Pension Fund Accountants connived with the then Kingdom Bank employees to swindle pensioners over $900 000. "Another type of fraud that is prevalent in the country is that of Exaggerated Claims. In the first quarter of 2015, First Mutual Holdings received over $1,5 million of fraudulent health insurance claims. Main cases were exaggerated claims by service providers." He said overall, such fraudulent activities affect the role of the insurance sector as a source of long term investment as this means that less will be invested in infrastructural development and Government borrowing," said Mr Karonga. He highlighted that the insurance industry needs to fight growing risk urgently through various ways as it depletes the insurance pool thereby exposing the insurers. The commissioner implored players in the industry to improve their internal processes by enforcing water tight claim processing, internal control systems and encourage use of reputable claim adjusters as well as upskill claims handling personnel. "As a regulator we want players to tighten their internal control systems, accounting, auditing, claims processing and the quality of staff that they employ," he said. Different players at the occasion also bemoaned the laxity of rules governing the insurance industry sighting that people are finding loopholes in policy aiding to high levels of fraud. Copyright © 2017 The Herald. All rights reserved. Distributed by AllAfrica Global Media ( allAfrica.com ).To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
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