Corporate News
Sammy Makove, IRA chief executive. PHOTO | FILE
By DAVID HERBLING
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.
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