Kaburu Mugambi
7 August 2008
Nairobi — The Insurance Regulatory Authority has warned the public against buying insurance through brokers or agents who do not have licence for 2008.
In a statement , Insurance Regulatory Authority acting chief executive Sammy Makove told the public to ensure they only deal with registered insurance brokers and agents.
"Members of the public are advised that it is illegal for any insurance broker or insurance agent to transact any business in Kenya without registration," he said.
"Members of the insuring public are therefore advised to deal with persons who are licensed for the year 2008."
According to the Insurance Act, all insurance brokers and insurance agents must be registered every year.
The authority has posted on its Web site -- www.ira.go.ke -- a list of 126 licensed brokers and 2,940 agents authorised to sell insurance policies this year.
It was formed October 2007 following the appointment of members to the authority's board, which is charged with independent oversight over the sector.
Regulate industry
Its creation followed years of agitation by stakeholders, among them insurance companies and brokers, the Association of Kenya Insurers (AKI) and the Association of Insurance Brokers of Kenya and the public who felt the office of the Commissioner of Insurance, lacked the independence and capacity to effectively regulate the industry.
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