Ten Kenyan insurers sanctioned

Magazine Issue:

Magazine date:

Jan 2023

sanctions The Insurance Regulatory Authority (IRA) has sanctioned ten Kenyan insurers [4] 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.

Thu, 19/01/2023 - 15:00

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-197-january-2023
[4] https://www.atlas-mag.net/en/article/insurance-companies-in-kenya-ranking-per-2020-turnover