Ten Kenyan insurers sanctioned

The Insurance Regulatory Authority (IRA) has sanctioned ten Kenyan insurers for several offenses including the failure to comply with the deadlines for claims settlement and the delay in submitting audited accounts.

The IRA has thus imposed a fine amounting to 56.903 million KES (455 120 USD) on the following insurance companies: Invesco Assurance, Xplico Insurance, Takaful Insurance of Africa, Resolution Insurance, Kenya Alliance Insurance, Trident Insurance, Pioneer Insurance, Corporate Insurance, Sanlam General and Monarch Insurance.