The Insurance Regulatory Authority (IRA) has warned Kenyans against engaging an international insurer that has been offering life insurance illegally in the country.
In a statement, the commissioner of insurance indicated that the insurer, Atlas Life Insurance (PCC) Ltd, has been operating in the country without the required license.
According to the authority, it is also illegal for members of the public to buy insurance products from an insurer not licensed.
“It has come to the attention of the Authority that a foreign insurance company in the name of Atlas Life Insurance (PCC) Ltd has been selling life insurance products in the Kenyan market without the required authorization.
“This is to notify the public that in line with Section 20 of the Insurance Act Cap 487 it is illegal to buy insurance products from an insurer not licensed under the Act,” the statement from the authority read in part.
Subsequently, the Insurance Regulatory Authority has asked Kenyans to report any person soliciting insurance business in the name of the insurer. Additionally, individuals who had already bought insurance from the company were directed to report to the authority for further assistance.
“Any person soliciting insurance business in the name of the said foreign insurer should be reported to the Authority for appropriate action. Any person who may have bought insurance policies from the insurer should report to the Authority for necessary assistance,” added the statement.
Atlas Life Insurance (PCC) Ltd has global roots including in Europe and the latest branch abroad in the United Kingdom.
Also Read: Govt Announces Payment of BlueShield Insurance Clients; How to Claim
Govt Revokes Licenses of Insurance Brokers
Earlier on March 8, the commissioner of Insurance revoked the licenses of Insurance brokers following a monthly update on licensing exercise.
In addition, affected insurance brokers included Platinum Insurance Brokers Limited, Macangira Insurance Brokers Limited Microensure Insurance Brokers and Minlet Insurance Brokers Limited.
“Insurance Brokers whose names appear below ceased transaction PURSUANT to section 196 (A) of the Insurance Act business with effect from 1st January. The list of insurance agents licensed for 2024 as of 7th March 2024 is available on IRA’s website at www.iru.go.ke.” a statement from the authority read in part then.
Also Read: Govt Revokes Licenses of 4 Insurance Brokers
BlueShield Claims
On the other hand, on April 2, following the collapse of BlueShield Insurance Company Limited, the Policyholders Compensation Fund (PCF) began the process of compensation and payment to individuals with unsettled claims.
Further, PCF indicated in a notice that policyholders had two years from the time of the notice to make claims or forfeit their compensation beginning Tuesday, 2nd April 2024.
Additionally, the fund noted that the maximum amount payable per claim is capped at Ksh250,000. based on statutory limits.
For any further inquiries or assistance regarding the compensation process, individuals were encouraged to reach out to the Managing Trustee of the Policyholders Compensation Fund.
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