The Insurance Regulatory Authority (IRA) has made released a list of newly licensed insurance brokerage firms in Kenya, leaving a good number of firms out.
Of the 213 insurance brokerage companies that had earlier been given licenses to operate within the insurance businesses, only 131 firms have made it to the new list released by the regulator.
IRA had earlier on said that it was compiling a list of newly-licensed insurance brokerage firms due to the high number of unpaid premiums to clients.
However, the Association of Insurance Brokers of Kenya (AIK) says that while there were indeed firms left out in the list by IRA, the regulator publishes a list of licensed insurance players as at a particular time.
AIK says that the list of licensed insurance players is usually updated as and when additional players meet set threshold for licensing and an updated list is periodically provided on the IRA website.
According to IRA, the firms that did not make it on the list had not complied with the new tough license renewal conditions in the Insurance Act.
The list of insurance brokers and providers was released yesterday by IRA in a Twitter Post
In pursuance of section 184 of the Insurance Act, the Commissioner of Insurance gives notice of companies authorized to transact insurance business in Kenya as at 7th February 2020. Take a look below! the list is also available on our website (https://t.co/CcH77hWnAU).#IRA pic.twitter.com/gMMRFz3uMi
— IRA Kenya (@ira_kenya) February 18, 2020
The full list is also available on the regulator’s website.