The Insurance Regulatory Authority (IRA) has revoked the licenses of Insurance brokers following a monthly update on licensing exercise.
In a gazette notice dated March 8, the commissioner of Insurance announced that Platinum Insurance Brokers Limited and Macangira Insurance Brokers Limited were no longer operational.
Additionally, the notice indicated that Microensure Insurance Brokers and Minlet Insurance Insurance Brokers Limited were also not operational.
According to the CEO of the Commissioner Godfrey Kiptum, the companies had ceased operations in January 2024.
“Insurance Brokers whose names appear below ceased transaction PURSUANT to section 196 (A) of the Insurance Act business with effect from 1st January,” the notice read in part.
Members of the public were directed to find additional information on the licensed Insurance institutions on IRA’s website.
“The list of insurance agents licensed for 2024 as at 7th March, 2024 is available on IRA’s website at www.iru.go.ke.
“Licensing exercise is continuous, and the list of licensed imunaux players will be published on the IRA’s website and updated monthly,” added the notice.
Also Read: Govt Revokes Licenses of 9 Private Companies [LIST]
Insurance Companies Get Licenses Approval
On the other hand, hundreds of insurance companies, insurance brokers and insurance investigators received Approval for operations in the country as published in the gazette notice.
“Pursuant 10 section 184 of the Insurance Act, the Commissioner of Insurance gives notice that the following are authorized to transact insurance business as Insurance Investigators for the year 2024 as at 23rd February, 2024,” the notice read in part.
Some of the companies approved for operations included AAR Insurance Company Limited, AIG Kenya Insurance Company Limited, Africa Merchant Assurance Company Limited, APA Insurance Limited, Britam General Insurance Company (K) Limited and Cannon General Insurance Company Limited.
Others included GA Insurance Limited, Geminia Insurance Company Limited, ICEA LION General Insurance Company Limited, Intra Africa Assurance Company Limited, Invesco Assurance Company Limited, Jubilee Allianz General Insurance Limited among others.
Also Read: Employers Issue Demands to Govt After Revoking Licenses of 9 Companies
Govt Revokes Licenses of 9 Companies
Earlier, in February, Private Security Regulations Authority (PSRA) revoked the licenses of nine security companies.
The authority warned members of the public, prospective users or representatives of users of security services not to procure, hire or otherwise engage security services from the nine companies.
However, the Federation of Kenya Employers (FKE), called for the immediate reinstatement of licenses for the nine companies, which had been accused of breaching provisions of the Private Security Regulation.
According to FKE, the move was made without a fair administrative process.
Additionally, the federation noted that the move also led to severe job losses, business disruptions, and reputational damage.
