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Insurance Regulatory Authority Delists 80 Insurance Brokerage Firms, Here Are their Names

KahawaTungu Reporter

The Insurance Regulatory Authority (IRA) has finally unveiled a list of Insurance Brokerage Firms you must avoid in 2020 as their businesses will not be recognised by the regulator.

According to IRA’s notice issued on February 19, 2020, just 133 brokerage firms meet the required conditions while 80 are banned from operating in the market.

With 213 operating in 2019, the decrease represents a 30 per cent drop with the list having some surprising names. Companies like Waumini, Nyadwe, Koolridge and Pacific Insurance Brokers are known to be huge in their operations.

The IRA list has been awaited by the industry with strong protest expected among the banned firms. Find the list of the validly licensed firms here.

The companies have been banned for not remitting insurance premiums with the outstanding amount being Ksh 43 billion. IRA also indicated that the delisted insurance brokerage firms had not complied with the new license conditions in the Insurance Act.

Insurance firms were not affected.

Here is the List of Delisted Insurance Brokers:-

The delisted firms cannot transact any brokerage business as the IRA licences run from January to December every year.

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