Insurance Regulatory Authority (Kenya)

The Insurance Regulatory Authority of Kenya (IRA) is the sole authority charged with regulation and supervision of the insurance industry within the Republic of Kenya. It ensures compliance by insurance/reinsurance companies, protects consumers and promotes a high degree of security for policyholders

Insurance Regulatory Authority of Kenya
IRA
Agency overview
Formed2006 (2006)
Preceding agency
  • Department of Insurance, Ministry of the National Treasury & Planning.
JurisdictionKenya
HeadquartersZep-Re Place, Longonot Road, Upper Hill, Nairobi, Kenya.
MottoBima Bora Kwa Taifa
Agency executives
  • Hon. Abdirahin Haithar Abdi (MGH), Chairman of the Board of Directors.
  • Godfrey K. Kiptum (MBS), Commissioner of Insurance & Chief Executive Officer.
Parent departmentMinistry of the National Treasury & Planning.
Websitewww.ira.go.ke

History

The regulation of the insurance industry in Kenya was based on the UK Companies Act 1960. The Insurance Act CAP 487 of 1986 was enacted in a bid to localize regulation of the insurance business in Kenya. It primarily established the Department of Insurance, headed by the Commissioner of Insurance, under the National Treasury and Planning ministry.

The Insurance Act was amended in 2006, whereby the Department of Insurance and Office of the Commissioner of Insurance were separated from the ministry and combined into a body corporate known as the Insurance Regulatory Authority. With this amendment, not only did the department and the Commissioner gain greater independence from the ministry, thus reducing bureaucratic hindrances to regulation of the industry, but the Commissioner also gained additional responsibility in the secondary role of being the Chief Executive Officer of the newly-established Authority.

This second amendment was intended to further promote efficient regulation of the insurance sector in the country.

See also

References



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