The IRA is vetting all applications received by September 13 as required under Section 30 of the Insurance Act.
Insurers and reinsurers will from next year be issued with perpetual licences, saving them cost and time for annual renewal.
This followed amendment to the Insurance Act under this year’s Finance Act based on proposals made by Treasury CS Henry Rotich in the Budget Statement.
The Insurance Regulatory Authority (IRA) has asked firms to sort out compliance issues with supervisors by the end of November as the industry gears up for new licensing regime from January.
Chief technical manager Agnes Ndirangu said the regulator was keen on finalising issuance of new licences for insurance and reinsurance companies by year end, a break from the past when firms have had to wait beyond January to get annual permits.
The IRA is vetting all applications received by September 13 as required under Section 30 of the Insurance Act.
“We endeavour to finish this process before end of the year, so we allow companies to operate without any hindrance from January,” Ms Ndirangu said on the sidelines of a breakfast meeting with industry chiefs in Nairobi Tuesday.
“And where we have issues we will have to talk to them a bit before end of next month.”
Insurers and reinsurers will from next year be issued with perpetual licences, saving them cost and time for annual renewal. This followed amendment to the Insurance Act under this year’s Finance Act based on proposals made by Treasury CS Henry Rotich in the Budget Statement.
The industry has joined pension and banking industries, which were subjected to indefinite licensing regime from 2016 and 2015, respectively, as part of conformation with risk-based supervision model.
Intermediaries such as insurance brokers and loss assessors will, however, continue to renew permits yearly.
