Brokers ask for a review of the regulation

The Association of Insurance Brokers of Kenya (AIBK) used its annual seminar to share its concerns with its regulatory autorithy (IRA).

Through the voice of Muchemi Ndungu, president of AIBK, Kenyan brokers ask IRA to make sure laws are more clearly defined for some operators.

The complaints focus in particular on the bancassurance activity frame, which is not enough defined according to them ; banks, registered as insurance agents, would be encroaching the brokers' activity field.

The AIBK also wants to be exempted of the inclusion of premiums and premiums related commissions for the calculation of their excises taxes.

The association made the point that the current system is more like a double taxation increasing operational expenses and pushing brokerage firms to closure.