SEVEN insurance firms that are yet to be issued with a licence for 2014 will have to wait until February to know their fate. This is after an Insurance Regulatory Board directors' meeting that was scheduled for last week to discuss their cases and review their applications was moved to next month.
Seven out of the 43 insurance firms operating in Kenya failed to meet some of the requirements to secure a licence for this year which had been issued by the regulator by December. Applications were made to the IRA in September.
IRA reviews licences every year as a way to detect any potential problems before they escalate into serious financial problems.
At the launch of the IRA electronic regulatory system on January 8, IRA boss Sammy Makove had told the Star that the seven firms-which he did not name- were operating on an extension of their 2013 licences, subject to strict conditions that the industry regulator had given them.