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| Sammy Makove, IRA chief executive. PHOTO | FILE |
The Insurance Regulatory Authority (IRA) has revoked the licences of 25 companies including brokers, surveyors, loss adjusters, investigators, risk managers and motor assessors for failing to comply with licensing requirements.
The regulator in a gazette notice published last Friday said the companies were not allowed to handle any business in Kenya as they had failed to secure registration as per the Insurance Act—and backdated the orders to January this year.
IRA has de-registered Meeson Insurance Brokers Ltd whose principal officer is Bharat Pattni, risk management firm Proactive Risk Solutions and Allied Assessors Ltd (loss adjusters) among others.
"They are not allowed to carry on, transact, do, or handle any new or old business with effect from January 31, 2014," said Sammy Makove, IRA chief executive in a notice dated August 22.
The insurance industry watchdog renews the licences of all insurance industry players annually to inspect their viability and forestall any threats to the sector.
The industry in Kenya consists of a number of firms namely; 48 insurance and three re-insurance companies, intermediaries such as brokers, medical insurance providers, insurance agents and bancassurance agents.
Other service providers are insurance investigators, motor assessors, insurance surveyors, loss adjusters, claims settling agents and risk managers.
Source: Business Daily
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