Magazine date:
Jul 2013 The new insurance Code limits the maximum participation of a shareholder in an insurance company to 25%. Kenya Alliance having failed to meet this requirement, the Kenyan Insurance Regulatory Authority (IRA) proceeded to the withdrawal of the insurer’s license. Kenya Alliance is the only company to sustain this sanction in 2013.
IRA had previously given Kenya Alliance an ultimatum until 2012 to comply with the legislation. In 2012, the company reported 1.5 billion KES (17.5 million USD) of premiums, 35% of which in life insurance and 65% in non-life. Two new insurers have obtained license in 2013: AAR Insurance and Resolution Insurance.