A Consumer lobby group wants the insurance industry regulator to set up a grading system for underwriting firms to give early warning signs when a company is going under.
Consumer Federation of Kenya yesterday said the Insurance Regulatory Authority should take a more decisive and consumer friendly action to deal with companies that are not honouring claims.This comes after the IRA on Wednesday placed Concord Insurance under statutory management citing its failure to pay claims, levies to the regulator and operational problems which were not detailed.
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