The Insurance Regulatory Authority (IRA) was created by the Insurance (Amendment ) Act of 2006 and came into operation on 1st May 2007. It’s a parastatal under the National Treasury ministry. The Authority was established with the mandate of regulating, supervising and developing the insurance industry in Kenya. IRA’s head office is located at the Zep- Re Place along Longonot Road in Upper Hill, Nairobi.
Functions Of the Insurance Regulatory Authority In Kenya
1. It ensures effective administration, supervision, regulation and control of insurance and reinsurance business in Kenya. This includes inspecting companies to check compliance levels with regulations and ascertain their financial and economic status. e.g sufficiency of capital, run professionally, pay claims, appropriate products offered, investments, financial reporting.
2. It formulates and enforces standards for the conduct of insurance and reinsurance business in Kenya.
3. It issues licenses to all persons involved in the insurance business.
4. It promotes the development of the insurance sector. This is achieved through consumer education, consumer protection, and training of various interest groups.
5. It advises the government on the national policy to be followed in order to ensure adequate insurance protection and security for national assets.
6. It protects the interests of insurance policyholders and insurance beneficiaries in any insurance contract.
7. It provides reliable information and advice to consumers in order to understand better, risks and insurance products, the importance of proposal forms, policy documents, etc.
8. It ensures prompt settlement of claims.
9. It investigates and prosecutes insurance fraud in the industry through the Insurance Fraud Investigation Unit.
Insurance Regulatory Authority Contacts
Call: 0719047000 / 0727563110
Address: Zep- Re Place Longonot Road – Upper Hill, Nairobi