Insurance Regulatory Authority (IRA) [Photo/sokodirectory.com]
The Insurance Regulatory Authority of Kenya (IRA) has granted companies new operating licenses that do not require annual renewal. Instead, they will be under Government's strict supervision.IRA is processing applications from insurance companies before the change takes effect.Insurance companies have for many years been required to apply for an annual operational license during which the Insurance Regulatory Authority would review their operations license. Incompetent operators would be disbanded.Following a recent amendment of the Insurance Act, annual licensing and replacement of operating license has been kicked aside and a new operating system introduced that would take effect as from January 2018.IRA technical manager Agnes Ndirangu encouraged insurance companies to focus their business on farming activities to uplift the agricultural sectorLocal insurance companies were also advised to venture into areas that have been previously left to foreign underwriters such as the extraction industry and engineering as well as tailor products for the local market.