Households and businesses could soon pay more for insurance cover as the Insurance Regulatory Authority (IRA) moves to raise annual fees for insurers, brokers, agents and other intermediaries for the first time in 30 years.
Under the IRA proposed insurance regulations and guidelines, the license fees and annual operating fees for insurance and reinsurance companies will rise 3.3 times and three times respectively. The draft is also proposing to increase the annual fees for intermediaries such as agents, brokers and risk assessors by up to 10 times.
