Insurance agents have called for the appointment of a commissioner-general at the Insurance Regulatory Authority (IRA) that is currently being led by Godfrey Kiptum in an acting capacity.
Bima Intermediaries Association of Kenya (BIAK) chairman Washington Ndegea, yesterday claimed Mr Kiptum, who has been in acting capacity for a year now, is being held captive by cartels.
“There are people in IRA who are running the show as far as regulating the industry is concerned and giving licences irregularly,” said Mr Ndegea during a media briefing in Nairobi.
“We have companies not paying claims or commissions due to agents, companies not making quarterly submissions as stipulated in the Insurance Act and these companies continue to operate and fleece the public under the watch of the IRA.”
There are about 8,123 insurance agents in the country and through their lobby they said IRA board has failed the industry by delaying the appointment.
Mr Kiptum was appointed acting commissioner and chief executive of the authority in November 2016, having served at IRA for eight years and was its chief manager for human capital development and administration.
He took over from Sammy Makove who exited the institution after 15 years at its helm.
In the first half of 2017, insurance premium grew by 13 per cent, which was largely driven by an accelerating long-term insurance business segment growth.
General insurance business grew by 6.3 per cent and the long-term business counterpart (life) by 26.1 per cent between January and June 2017.