Sammy Makove has left the Insurance Regulatory Authority (IRA) after 15 years at the helm. PHOTO | FILE
What you need to know:
Godfrey Kiptum has been appointed acting commissioner of insurance and CEO of the regulatory body.
Several insurance firms have sunk under Mr Makove’s watch including Kenya National Assurance Company in 1996, Access Insurance, Stallion, Liberty, Lakestar, United, Standard Assurance and Invesco.
Long serving Insurance Regulatory Authority (IRA) chief executive Sammy Makove has exited the institution after 15 years at its helm.
Godfrey Kiptum has been appointed the acting commissioner of insurance and CEO of the regulatory body.
Mr Kiptum has served at the IRA for eight years and was its chief manager for human capital development and administration.
“Mr Kiptum replaces the long serving Commissioner of Insurance and Chief Executive Officer Sammy Makove, who is proceeding on terminal leave pending the expiry of his contract,” said the authority in a statement Tuesday.
Several companies have sunk under Mr Makove’s watch including Kenya National Assurance Company in 1996, Access Insurance, Stallion, Lakestar, United, Standard Assurance, Blue Shield, Concord and Invesco.
Invesco has since been revived with fresh injection of capital.
Mr Makove was under investigation by the police this year after Blue Shield Insurance Ltd accused the former IRA boss of failing to account for over Sh400 million rent collected from the firm by the regulator.
