Insurance for four bus companies associated with entities suspected of
funding terrorism has been terminated. The Companies include G-Coach, E-Coach, City to City Bus Company and Sabrin Buses.
This follows the government’s naming on Wednesday of 86 entities, including individuals, accused of aiding terror attacks in Kenya. The Insurance Regulatory Authority (IRA) said the conduct of insurance business is subject to anti-money laundering and counter terrorism laws.
Insurance companies were ordered to terminate covers for the 86 individuals and institutions cited for facilitating terror attacks. “Your attention is drawn to ... Regulation 11(3) of Prevention of Terrorism (Implementation of the United Nations Security Council Resolutions on Suppression of Terrorism) Regulations 2013, which requires reporting institutions to take appropriate action by amongst others, freezing until further notice, the property or funds of designated persons,” said IRA chief executive Sammy Makove.
The government ordered the 86 entities to cease business until investigations are conducted and they are cleared of abetting or facilitating terrorism.
“For bus companies, this means that they cease to operate as they cannot be on the road without valid insurance covers,” said the regulator. This exposes the transport firms to the risks they had taken cover
for.
