ira.go.ke Insurer Registration Kenya : Insurance Regulatory Authority

Name of the Organization : Insurance Regulatory Authority
Type of Facility : Insurer Registration
Country : Kenya

Website : https://www.ira.go.ke/

Licensing & Registration:

The Insurance Regulatory Authority as part of its core mandate licenses insurance/re-insurance companies and intermediaries.

Related : Insurance Regulatory Authority Agents Brokers & MIPs Online Registration Kenya : www.statusin.org/7080.html

These include Insurance Companies, Insurance Agents, Insurance Brokers, Medical Insurance Providers, Insurance Investigators, Motor Assessors, Loss Adjusters, Insurance Surveyors, Claim Settling Agents and Reinsurance companies. They have to comply with a number of provisions before engaging in the business of underwriting risk.

The criteria for licensing companies and intermediaries are specified in the Insurance Act. In addition to the Act, the Authority normally issues circulars and guidelines to be followed by insurers and intermediaries in seeking to renew their licenses. Part of the information submitted by insurers/re-insurers when seeking to be licensed include although not limited information on directors, managers, representatives or other persons working for the company, information on owners, nature of risks the company intends to cover, reinsurance programme, proof of adequate own funds to carry out business, business plan and information on the technical bases for the calculation of technical provisions.

Insurer Registration:
Requirements:
The registration requirements of an Insurer are detailed in section 30 and 31 of the Insurance Act Cap 487 of the Laws of Kenya and include the following:
** An applicant in the prescribed form together with appendices.
** Registration fee of Kshs. 150,000 for insurance companies and Kshs. 250,000 for Reinsurers payable to the Insurance Regulatory Authority.
** Certified copy of the certificate of incorporation of the company.
** Certified copy of the Articles and Memorandum of Association of the company.
** A certified copy of the published prospectus, if any.
** A feasibility study report as outlined under Regulation 7 of the Insurance Regulations.
** Paid up share capital as prescribed in the Insurance Act: as may apply under: (a). Long term insurance business of Ksh. 150 million (b). General Insurance business Kshs. 300 million (c). Reinsurance business Ksh. 800 million.
** Details of the shareholders and share holding structure of the company.
** Curriculum Vitae of the principal officer
** A statement of all the classes of business the proposer intends to transact. The classes of business are prescribed in the schedules to the Insurance Act.
** Specimen proposal and policy forms for all the classes of business the proposer intends to transact.
** The premium rates the proposer intends to apply under each class of business during the year of registration.
** A certificate in connection with the long term insurance business by an actuary that the premium rates terms and conditions are sound and workable.
** A detailed statement of assets and liabilities in Kenya at the date of application.
** Proposed Reinsurance arrangements.
** A certificate from Central Bank of Kenya specifying the amounts and details of deposits under section 32 of the Insurance Act (equivalent to 5% of the total admitted assets).
** The proposed contract documents with Insurance Agents and Brokers.
** A statement of how the company intends to cover its initial administrative costs.
** The name of the company should be in order and in line with Section 190.

Download Forms : https://www.ira.go.ke/