This is a guide on how to register as an insurance broker in Kenya. The insurance industry in Kenya is regulated by the Insurance Regulatory Authority. All insurers and re-insurers, insurance agents, brokers and service providers are required to register with the authority. Registration is done by simply visiting the authority’s office with the relevant documents and requirements.
The registration requirements for insurance brokers, reinsurance brokers and medical insurance providers are detailed in Section 150 to Section 156 of the Insurance Act Cap 487 of the laws of Kenya.
Registration Requirements For Insurance Brokers In Kenya
1. Registration fee- Kshs 10,000, payable to the Insurance Regulatory Authority.
2. Bank guarantee of Kshs 3 million from a commercial bank in the prescribed format, or a government bond of at least two years in favour of the authority.
3. A professional indemnity insurance policy with a minimum limit of Kshs 10 million. All professional indemnity policies must expire on 31st December of the year of registration.
4. A minimum paid up share capital of Kshs 1 million.
5. CR-12 form detailing the shareholding structure of the company.
6. At least 60% of the shares shall be held by Kenyan citizens.
7. The registered name of the applicant should be in line with Section 190 of the Insurance Act Cap 487.
8. A certified copy of the certificate of incorporation.
9. A CR-2 form duly signed by the shareholders.
10. The applicant should submit the following in respect to the principal officer:
- Curriculum vitae and testimonials.
- A degree or a diploma in insurance from a recognised institution.
- Evidence of at least five years experience in insurance business.
- Identification documents (National Identification Card/Passport).
- An appointment letter where applicable.
- Duly completed fit and proper form.
- Work permit valid for a period of at least two years in case of foreigners.
11. Submit the statement of business; Form No INS 151-1 (in case of renewal).
12. New applicants should submit a 3 year business plan.
Insurance Regulatory Authority Contacts
Location: Zep-Re Place Longonot Road, Upper Hill, Nairobi.
Contacts: 020 499 6000/ 0719 047 000.
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