top 9 Functions Of Insurance Regulatory Authority In Kenya

This article is about Functions Of Insurance Regulatory Authority In Kenya. The Insurance Regulatory Authority (IRA) was established by the Insurance (Amendment) Act 2006 and came into force on 1 May 2007. It is a parastatal corporation under the Department of the National Treasury.

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The authority was established with the authority to regulate, supervise and develop insurance companies in Kenya.

The IRA headquarters are located at Zep-Re Place along Longonot Road in Upper Hill, Nairobi.

Functions Of Insurance Regulatory Authority In Kenya

It provides effective management, supervision, regulation and control of insurance and insurance business in Kenya. This includes auditing companies to check compliance levels and standards and determine their financial and economic status. such as adequacy of capital, running smoothly, payments, appropriate products provided, investment, financial reporting.
It formulates and enforces regulations for the conduct of insurance and reinsurance business in Kenya.
It authorizes all those involved in the insurance business.

It promotes the development of the insurance sector. This goal is achieved through consumer education, consumer protection and training of various interest groups.
It advises the government on national policies to be followed to ensure adequate coverage and protection for national assets.
It protects the interests of policyholders and beneficiaries of insurance in any insurance contract.

It provides consumers with reliable information and advice to better understand the risks of insurance and products, the importance of types of equipment, legal documents, and others.
It enables the speedy resolution of charges.
He investigates and prosecutes insurance fraud in the company through the Fraud Investigation Unit.