Insurance Regulatory Authority (Kenya)

The Insurance Regulatory Authority of Kenya is the sole authority charged with regulation and supervision of the insurance industry. It ensures compliance by insurance/reinsurance companies, protects consumers and promotes a high degree of security for policyholders

Insurance Regulatory Authority of Kenya
Agency overview
Formed2006 (2006)
Preceding agency
  • Office of the Commissioner of Insurance
JurisdictionKenya
HeadquartersZep-Re Place, Upper Hill, Nairobi, Kenya
Agency executives
  • Abdirahin Haithar Abdi, Chairman of the Board
  • Commissioner of Insurance & Chief Executive Officer, Godfrey K. Kiptum
Parent agencyGovernment of Kenya
Websitewww.ira.go.ke

History

The regulation of the insurance industry in Kenya was based on the UK Companies Act 1960. In a bid to localize regulation of the insurance business in Kenya, the Insurance Act CAP 487 of 1986 was enacted, which established the Office of the Commissioner of Insurance as a department under the National Treasury and Planning ministry.

in 2006, the Act was amended whereby the Office was separated from the ministry and established as a statutory government agency and it continues to operate as such.

See also

References



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