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Boon as KRA, IRA enforce local marine insurance rule
The changes set in on January 1, 2017, but compliance has been low given that KRA has been clearing imports whether their marine cover is from a local or foreign company.
Local insurers are set for increased business after the Kenya Revenue Authority (KRA) said it would only clear imported cargo covered by indigenous marine insurance.
KRA, in a joint notice with the Insurance Regulatory Authority (IRA), has informed importers that this rule will be enforced starting on February 14, 2025. This will severely affect foreign insurers’ involvement in marine insurance for goods entering Kenya.
