Nine Kenyan insurers sanctioned

The Insurance Regulatory Authority (IRA) has imposed a fine amounting to 17.6 million KES (154 240 USD) on nine Kenyan insurers.

The companies fined include Invesco Assurance, Keninidia Assurance, KUSCCO Mutual Assurance, Metropolitan Cannon Life Assurance, Resolution Insurance, Takaful Insurance of Africa, Kenyan Alliance Insurance, Trident Insurance and Xplico Insurance.

The sanction has been imposed due to non-compliance with claim settlement deadlines, late audit submissions and non-payment of contributions.