How to Register an Insurance Agency in Kenya
How to Register an Insurance Agency in Kenya – The insurance industry is licensed and regulated by the Insurance Regulatory Authority. The authority is guided by the Insurance Act. The Authority work is to practice regulation and supervision that enables the industry players to be innovative and entrepreneurial. The Authority deploys significant resources in monitoring market behaviors, compliance and solvency issues.
After a person has registered their company they then contact the Authority for licensing.
This is the Procedure on How to Register an Insurance Agency in Kenya
- The applicant or its principle officer must have passed or been exempted from Certificate of Proficiency (COP) examination for Insurance Agents. The examination is offered by the College of Insurance.
- Documents as proof of nationality. Note that all agents must be East African citizens.
- Confirmation by the principle officer of the insurer whom the applicant proposes to be an agent certifying that the applicant has the knowledge and experience necessary act as an agent.
- A certified copy of the certificate of registration of business name reflecting the kind of business applied for. In case of corporate agent the following also be required A certified copy of the certificate of registration of business name reflecting the kind of business that applied for or a certificate incorporation
- A copy of the articles of association or rules and regulation
- Details of the shareholders or partners
- A Statement of all the classes of business the proposer intends to transact
- All proposal and policy forms of all the classes of business the proposer intends to transact, including all endorsements and other written matter appertaining to the same
- The premium rates the proposer intends to use
- The reinsurance arrangements
- Location of office and branches if any
For more information on licensing you can visit the Insurance Regulatory Authority website or Contact us for help in Compliance.
All the Best 🙂