Insurance Regulatory Authority is a government agency that is mandated with the responsibility of supervising, regulating and guiding the development of any insurance agency in Kenya. The vision is to be a leading insurance industry regulator. The mission is to effectively and professionally regulate, supervise and develop the insurance industry.
The insurance amendment act was created in 2006 and came into being in May 2007 under the treasury ministry.
Functions of the Insurance Regulatory Authority
- Issuance of licenses to anyone involved in the insurance business.
- Protects the interests of any insurance policyholders and beneficiaries in the insurance contract.
- Enforces and formulates standards for the conduct of reinsurance and insurance business in Kenya.
- Contributing to national development
- Consumer Education