The Unclaimed Financial Assets Authority (UFAA) issued a deadline alert on September 24 for all insurance companies.
In the notice, all insurance companies were asked to comply with the Unclaimed Financial Assets Act by 1 November 2025.
The Unclaimed Financial Assets Authority has directed insurers to report and remit any unclaimed insurance policies, benefits, and funds ahead of the deadline.
” Ensure compliance with the Unclaimed Financial Assets Act by reporting and remitting all unclaimed policies, benefits, and funds to UFAA,” read part of the Unclaimed Financial Assets Authority statement.
The agency emphasized that only 39 days remain for compliance and warned that firms failing to meet the requirement risk penalties and legal action.
“Only 39 days to go,” it added.
The authority stated that the move aims to protect policyholders and beneficiaries by ensuring that unclaimed assets are properly recorded and safeguarded until the rightful owners or heirs can be identified.
Duties of Unclaimed Financial Asset Holders
Additionally, UFAA highlighted the duties of the unclaimed financial asset owners as follows:
- Try to locate the Asset Owner.
- Contact the Asset Owner, where possible.
- Make a report to the Unclaimed Financial Assets Authority.
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“A holder (or a holding institution) is an entity that is in possession of a financial asset on behalf of an owner. These institutions can be banks, insurance companies, businesses, etc,” UFAA explained.
Complete Guide to Compliance for Kenyan Insurance Companies
Here are the key steps for an insurance company, bank, SACCO, or any other holder of dormant funds to comply with the Unclaimed Financial Assets Act (UFAA) in Kenya:
- Identify Unclaimed Assets
- Review all accounts, policies, or instruments that have been inactive for at least three years (or the period specified in the Act).
- Include items such as uncashed cheques, unpaid insurance benefits, dormant savings, dividends, or deposits.
- Notify the Owners
- Make a reasonable effort to contact the owners or beneficiaries using the last known address, email, or phone number before declaring the unclaimed funds.
- Prepare the UFAA Return
- Log in to the UFAA online reporting portal (https://ufaa.go.ke).
- Complete Form 1 (Holder’s Remittance of Unclaimed Assets) detailing each unclaimed asset, the owner’s details, and the amount.
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- Remit the Assets and Submit Reports
- Transfer the funds or assets to UFAA’s designated bank account on or before the deadline (for example, 1 November 2025 for insurance companies).
- Submit the accompanying report electronically and keep a copy of your records.
- Maintain Compliance Records
- Keep all supporting documentation of owner notifications, reports, and remittance receipts for audit and inspection.
- Respond to Claims
- If a rightful owner later comes forward, direct them to file a claim with UFAA, which will handle verification and repayment.
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