Insurance Regulatory Authority Kenya

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Insurance Regulatory Authority

The Chief Guest Madam Margaret Macharia, Nyeri CEC Education and Sports with Mr. Godfrey Kiptum, Commissioner of Insurance & CEO, IRA officially opening a 3-day Nyeri Open day organized by IRA at the Whispers Park.

The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. It is governed by a Board of Directors which is vested with the fiduciary responsibility overseeing operations of the Authority and ensuring that they are consistent with provisions of the Insurance Act.

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Careers

The Insurance Regulatory Authority is an equal opportunity employer. We post vacant positions as they fall and interested candidates are encouraged to regularly visit this page for new vacancies. We only consider candidates for the positions that they apply. Interested and qualified candidates are therefore encouraged to apply when qualifications are in line with the requirements of the respective advertised position(s).

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Insurance Regulatory Authority (Kenya) - Wikipedia

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 policy security for policyholders.

The regulation of the insurance industry in Kenya was initially based on the UK Companies Act 1960. The Government of Kenya enacted the Insurance Act Kenya CAP 487 in 1985[1] with the aim of localizing regulation of the insurance business. The newly-enacted legislation established the Department of Insurance within the Ministry of the National Treasury and Planning, headed by a Commissioner of Insurance, to supervise the insurance sector.

The Insurance Act was amended in 2006 in an attempt to promote further efficient regulation of the insurance sector. The Department of Insurance was separated from its parent ministry and established as a body corporate known as the Insurance Regulatory Authority.

With this amendment, not only did the department gain greater independence from bureaucratic hindrances, which improved its efficiency as intended, but the holder of the Commissioner's office gained additional responsibility in the secondary role of serving as the Chief Executive Officer of the newly-established Authority.

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Kenya's insurance premiums rise by 13.2%

1:40 - 2 years ago

The Insurance Regulatory Authority (IRA) attributed the growth to continued economic recovery from COVID-19 shocks. Connect ...

Insurance Regulatory Authority functions, offices, and contacts - Tuko.co.ke

The INSURANCE REGULATORY AUTHORITY of Kenya is a government parastatal charged with regulation and supervision of the insurance industry. Find out its history and role in the Insurance Industry.

Regulation in the insurance industry is essential, especially where the interests of consumers are concerned. From ensuring that insurers can cover their policies to protecting the customers, insurance regulation bodies are just as important as the insurance companies themselves.

The Insurance Regulatory Authority is a government agency that is tasked with the responsibility of regulating, supervising, and guiding the development of the insurance agency. The agency derives its powers from the Insurance act of the Kenyan constitution. It discharges its mandate by ensuring that insurance companies are in compliance with the set rules and regulations, guaranteeing the security of insurance policyholders, and protecting the consumers.

The IRA is governed by a board of directors that is entrusted with a fiduciary responsibility to oversee the operations of the agency. They are also charged with ensuring that the operations of the authority are consistent with the Insurance Act provisions.

The history of the Insurance Regulatory Authority can be traced back to the Office of the Commissioner of Insurance, which was established in 1986 under the Insurance Act, CAP 487. It was the first insurance regulatory body in Kenya; before that, the industry regulation was under the Companies Act of 1960. The current IRA was established by the 2006 Insurance Act (Amendment) Cap 487, and from then on, it effectively took over the mandate of the Office of the Commissioner of Insurance.

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The Functions Of Insurance Regulatory Authority In Kenya - DemzyPortal Kenya

Category: Insurance Regulatory Authority

The Insurance Regulatory Authority (IRA) was created by the Insurance (Amendment ) Act of 2006 and came into operation on 1st May 2007. It’s a parastatal

The Insurance Regulatory Authority (IRA) was created by the Insurance (Amendment ) Act of 2006 and came into operation on 1st May 2007. It’s a parastatal under the National Treasury ministry. The Authority was established with the mandate of regulating, supervising and developing the insurance industry in Kenya. IRA’s head office is located at the Zep- Re Place along Longonot Road in Upper Hill, Nairobi.

1. It ensures effective administration, supervision, regulation and control of insurance and reinsurance business in Kenya. This includes inspecting companies to check compliance levels with regulations and ascertain their financial and economic status. e.g sufficiency of capital, run professionally, pay claims, appropriate products offered, investments, financial reporting.

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20 posts – Insurance Regulatory Authority Jobs - December 2022

IRA Jobs, Government Jobs, Insurance Regulatory Authority Jobs, Jobs in Kenya, The Insurance Regulatory Authority (IRA) is a State Corporation established

The Insurance Regulatory Authority (IRA) is a State Corporation established under the Insurance Act, Cap 487 of the Laws of Kenya with the mandate to regulate, supervise and promote development of the insurance industry in Kenya.

The CV must at the minimum provide details of the applicant’s email address, day-time mobile telephone numbers, details of current employer, current remuneration and names and contacts of three (3) referees familiar with the applicant’s professional background and experience.

Applications, addressed to the undersigned, may be delivered at the Insurance Regulatory Authority (Registry Section) at Zep-Re Place, 2nd Floor, Longonot Road, Upper Hill. Please note that these should be sealed, marked “Confidential” and indicate the job reference (e.g “REF:SO/01” for Supervision Officer). Alternatively, they may be sent by post or email to:

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Insurance Regulatory Authority Salaries in Nairobi, Kenya | Glassdoor

Category: Insurance Regulatory Authority

Insurance Regulatory Authority Salaries trends. 4 salaries for 3 jobs at Insurance Regulatory Authority in Nairobi, Kenya. Salaries posted anonymously by Insurance Regulatory Authority employees in Nairobi, Kenya.

How much do Insurance Regulatory Authority employees make? Glassdoor provides our best prediction for total pay in today's job market, along with other types of pay like cash bonuses, stock bonuses, profit sharing, sales commissions, and tips. Our model gets smarter over time as more people share salaries on Glassdoor.

Insurance Regulatory Authority employees attributed a compensation and benefits rating of 4.4/5 stars to their company. Read what they think about their salaries on our Compensation FAQ page for Insurance Regulatory Authority.

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Insurance Regulatory Authority - Kenya

Category: Insurance Regulatory Authority - Kenya Insurance Regulatory Authority

Insurance Regulatory Authority - Kenya, Upper Hill, Nairobi Area, Kenya. 13,723 likes · 154 talking about this. The Insurance Regulatory Authority (IRA) is a statutory government agency …

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Category: Insurance Regulatory Authority Kenya

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Kenya Insurance Companies: List of All IRA Licensed Companies - Kenyans.co.ke

Category: Insurance Regulatory Authority

If there is anything Kenyans love to do, is to take their own lives into their own hands.Nonetheless, if you would like to get insured, this article lists all...

One could say that development and economic growth are the bedrock of insurance growth and perhaps over the coming years, the number of insured citizens in Kenya could increase if the economy equally improves.

Insurance industry contributes to national development through providing broader insurance products and services, fostering entrepreneurial attitudes, encouraging investment, innovation, market dynamism and competition, offer social protection alongside the state, releasing pressure on public sector finance; enhancing financial intermediation , creating liquidity and mobilizing savings.

As one of the key pillars of the financial services sector, the insurance industry is indeed central to the realization of financial services objectives as set out in the Vision 2030, a long-term development blueprint for the Country.

With the aim of deepening financial services and enhancing access to and inclusion, the Vision 2030 recognizes that as the economy expands and disposable incomes rise, there will be growth in insurable a-sets thereby generating demand for insurance services.

To achieve this, the Vision 2030 emphasizes the need to improve efficiency and outreach of insurance service providers, which can be achieved through consolidation, public education campaign, and investment in new technology that will enable the sector to widen its reach and coverage at minimal costs.

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Objectives And Functions Of Insurance Regulatory Authority

This post highlights the objectives and functions of Insurance Regulatory Authority in Kenya.

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Jobs at Insurance Regulatory Authority (IRA) | MyJobMag

Category: Insurance Regulatory Authority (IRA

Find latest Insurance Regulatory Authority (IRA) jobs in Kenya December, 2022. Search and apply for the latest ongoing recruitment and job vacancies at Insurance Regulatory Authority (IRA) on MyJobMag

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Vision: To be the leading insurance industry regulator. Mission: To effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries. Core Values: (i)Accountability: -We exercise prudence in use of public resources entrusted to IRA. (ii)Team Spirit: -... read moreWe work effectively with others across functional lines to accomplish objectives. (iii)Transparency: -We promote openness and candidness. (iv)Integrity: -We will serve our customers in an impartial, effective and professional way with the highest ethical standards. (v)Customer focus:-We are committed to achieving the highest levels of customer satisfaction. (vi)Creativity: -We believe in continuous improvements in the conduct of our business. The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. It is governed by a Board of Directors which is vested with the fiduciary responsibility overseeing operations of the Authority and ensuring that they are consistent with provisions of the Insurance Act. The Authority is a precursor to the then Office of the Commissioner of Insurance that came into existence with the enactment of the Insurance Act, CAP 487 in 1986. Prior to this, insurance regulation was based on the UK legislation under the Companies Act 1960. In executing our mandate, we adhere to the core principles of objectivity, accountability and transparency in promoting not only compliance with the Insurance Act and other legal requirements by insurance/reinsurance companies and intermediaries but also sound business practices. We therefore practice regulation and supervision that enables industry players to be innovative and entrepreneural. Bearing in mind industry differences in terms of size, extent and complexity, necessitating changes in operating and investment decisions helps cut down on compliance costs. Since in the long run, this has impacts on productivity and growth of the insurance sector, the Authority deploys significant resources in monitoring market behaviors, compliance and solvency issues. In line with the Insurance Act, the functions of IRA are to: The Authority works collectively and individually with Industry players in achieving the following fundamental insurance regulatory objectives: (i)Ensure compliance by insurance/reinsurance companies and intermediaries with legal requirements and sound business practices; (ii)Promote voluntary compliance; (iii)Set clear objectives and standards of intervention for insurance/reinsurance companies and intermediaries or type of intervention; (iv)Protect consumers and promote high degree of security for policyholders; (v)Promote efficient, fair, safe and stable markets; (vi)Maintain the confidence of consumers in the market; (vii)Ensure insurance/reinsurance companies and intermediaries remain operationally viable and solvent; and (viii)Establish a transparent basis for timely, appropriate and consistent supervisory intervention, including enforcement

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Insurance regulatory authority Kenya jobs - December 2022

Find the best offers for Insurance regulatory authority Kenya jobs among 91 job vacancies listed. Looking for more job opportunities? Check out all listings for Insurance jobs!

Job Vacancy Finance Manager Duma Works wrote this on October 1, 2022 | No Comments Duma Works is recruiting a Finance Manager for a leading business law firm in Kenya. Department: Finance &...

SBM, a growing international financial institution in Africa, provides a wide range of corporate and commercial banking solutions to its clients. Kenya will operate as a gateway to Africa for SBM....

In Kenya, Oxfam works with others to alleviate poverty and inequality. We work with the most vulnerable communities in the dry and remote northern regions, and in the impoverished slums of the...

Apollo Group (Apollo Investments Limited)was an idea born from the need to harness synergies across the insurance business. Built on commitment, integrity and innovation, it has risen to be one of...

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Contacts Of Insurance Regulatory Authority In Kenya - ZaKenya

Category: Insurance Regulatory Authority

Insurance Regulatory Authority in Kenya has offices located in Zep-Re Place off Mara Road in Upper Hill part of Nairobi. The email address of Insurance Regulatory Authority is …

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RBA – Retirement Benefits Authority

The Authority has since inception utilized compliance- based supervisory model to oversee the pension industry. Key Regulatory Policies These includes: CBK, Capital Markets Authority, …

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The Insurance Regulatory Authority Kenya accelerates risk-based supervision | Regnology

Category: Insurance Regulatory Authority

The Insurance Regulatory Authority (IRA) in Kenya is a government agency responsible for the regulation, supervision and development of the insurance industry.

We provide a unique product and service offering in the area of regulation, ranging from consulting to managed end-to-end services, from proprietary specialist reporting software to ongoing training. Customers representing 7,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust our products and services.

Based on 25 years of experience in regulation and more than 10 years in managed services, we offer a unique portfolio of regulatory reporting, regulatory management, tax reporting, and supervisory software solutions and services from a single source. Find out more about how we can a-sist you in your daily work through our managed services, regulatory utilities, consulting as well as our software support and training offerings.

Based on our profound expertise in financial regulation, we aim to equip you with actionable insights on trending regulatory and technology topics. To keep up to date with the latest industry developments, we stay in close contact with regulators, standard-setters and industry experts, scan and sort through numerous official publications, leverage experience from our client projects and conduct our own research. We are happy to share our expert knowledge with you.

Financial regulation is vital for a stable, sustainable financial world. With our unrivalled experience in regulatory reporting and regulatory management and our product and service offering for financial services, we contribute decisively to transparent and stable financial markets. We provide a full-service offering across the Regulatory Value Chain to the industry players across the globe.

Contact us today to speak or to meet with one of our experts and find out more about how we can support you in tackling your regulatory and technology challenges with our forward-looking software solutions and comprehensive services.

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Insurance holders in Kenya get 3 month premium pay holiday

Category: Insurance Regulatory Authority

Insurance Regulatory Authority: The Insurance Regulatory Authority (IRA) has given policy holders a three month relief in a move that is bound to rattle the

Insurance Regulatory Authority: The Insurance Regulatory Authority (IRA) has given policy holders a three month relief in a move that is bound to rattle the insurance sector in Kenya. The move is meant to caution policy holders who may be having difficulties in settling or renewing their premiums in the wake of the coronavirus scourge.

“Insurers should avail policy holders a three-month grace period. The grace period may be over and above any contractual premium holidays already in place for existing policies,” IRA chief executive officer Godfrey Kiptum said in a statement.

A related report that appeared in the Business Daily said that some industry players said such a holiday would be difficult to apply in the general insurance segment since it would be tantamount to making insurers settle all claims even if no premiums have been paid.

“Kenya has ten broad categories of general insurance that include motor, medical, fire, aviation, engineering, liability, marine, personal accident, theft and workman’s compensation with high claims that saw an underwriting loss of Sh. 2.97 billion in the last quarter of 2019. In the life insurance segment, policy contracts have specific commencement dates and maturities and customers have to pay, failure to which they lose the policy in the first three years or get refunded a small portion of the premiums they have been paying, also known as a surrender value,” the report said.

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