IRA CEO Godfrey Kiptum has urged insurance companies to pay claims on time. [Photo/insurenow.co.ke]
Insurance Companies have been told to put up mechanisms that will ensure their clients receive prompt payment when they want to be paid their claims.Speaking on Friday during the official launch of Kisumu County Insurance Open Day at the Jomo Kenyatta Grounds, Godfrey Kiptum who is the CEO of Insurance Regulatory Authority said insurance companies should pay clients claims within 90 days.“Should anyone not pay you in 90 days, please let us know so that we get into the bottom of it to ensure that you are paid if you deserve to be paid,” said the director.He said one of IRA’s goals is to promote insurance in the country. “But that can only happen if Kenyans know the importance of buying insurance,” he added.Kiptum said they intend to visit various places in the country to urge Kenyans to buy insurance.The open day in Kisumu brought together various insurance companies and stakeholders who will address matters pertaining to insurance. The three-day event will come to an end today (Saturday).The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry.It is governed by a Board of Directors which is vested with the fiduciary responsibility overseeing operations of the Authority and ensuring that they are consistent with provisions of the Insurance Act.