Kenya's Insurance Regulatory Authority Shuts Down 20 Brokers, Warns Customers
- The Insurance Regulatory Authority (IRA) announced the de-registration of 20 insurance brokers in Kenya
- IRA revealed that the termination of licenses for the 20 insurance brokers came after the insurers ceased transacting business
- Among the brokers shut down are Legacy Insurance Brokers Limited, Swinton Insurance Brokers (K) Limited and African Continent Insurance Brokers Limited
Wycliffe Musalia has over six years of experience in financial, business, technology, climate, and health reporting, providing deep insights into Kenyan and global economic trends. He currently works as a business editor at TUKO.co.ke.
Nairobi, Kenya - The Insurance Regulatory Authority (IRA) has de-registered 20 insurance brokers.
Source: Twitter
IRA published a notice to insurance customers and the public, warning against doing business with the brokers.
The regulator revealed that the selected entities ceased transacting insurance business with effect from June 30, 2025.
"The entities ceased transacting insurance business with effect from June 30, 2025, as published in the Kenya Gazette dated July 18, 2025," read the notice released on Friday, July 18, in part.
Which insurance brokers are affected?
IRA said the de-registration of the 20 brokers was done in accordance with Section 196(A) of the Insurance Act (Cap. 487).
The Act provides for the termination of an insurer's authorisation to conduct insurance business in Kenya.
The section also ensures transparency and accountability through a formal notification process.
According to the IRA Gazette Notice, below are the 20 insurance brokers that have ceased business:
- African Continent Insurance Brokers Limited
- Andalus Insurance Brokers Limited
- Allied Insurance Brokers Limited
- Alpha-Levits Insurance Brokers Limited
- Arkchoice Insurance Brokers Limited
- Berkley Insurance Brokers Limited
- Bilan Insurance Brokers Limited
- Blossom Insurance Brokers Limited
- Fides Insurance Brokers Limited
- Harbinger Insurance Brokers Limited
- Homeland Insurance Brokers Limited
- Ibsa Insurance Brokers Limited
- Khushal Insurance Brokers Limited
- Legacy Insurance Brokers Limited
- Masumali Meghji Insurance Brokers Limited
- Nexus Insurance Brokers Limited
- Online Insurance Brokers Limited
- Real Alliance Insurance Brokers Limited
- Solian Insurance Brokers Limited
- Swinton Insurance Brokers (K) Limited
Insurance regulator fines brokers
The de-registration of insurance brokers came seven months after the IRA fined 17 insurers and 15 brokers.
The IRA imposed a fine of KSh 31.7 million on the companies, saying they operated in the year 2023 with an inadequate capital ratio of below 100%
According to the IRA, the insurance companies closed the fiscal year 2023 with a combined capital shortfall of KSh 32.2 billion.
Here are the companies:
- GA Life - Capital deficit of KSh 551.72 million
- CIC Life - Capital deficit of KSh 924.3 million
- Madison Group - Capital deficit of KSh 5.27 billion
- Directline Insurance - Capital deficit of KSh 3.09 billion
- Invesco Insurance - Capital deficit of KSh 7.54 billion
- The Monarch Insurance - Capital deficit of KSh 3.96 billion
- The Kenya Alliance - Capital deficit of KSh 1.49 billion
- Kenya Orient - Capital deficit of KSh 1.21 billion
- Occidental - Capital deficit of KSh 1.02 billion
IRA said it implements risk-based capital requirements to assess insurers' capital requirements based on their exposure to risks.
Proofreading by Mercy Nyambura, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
