Insurance Regulatory Authority Functions 2021: Contacts And Offices

Do you know the functions of the Insurance Regulatory Authority? If no, then this informative article is for you. You will be given detailed information about the Insurance Regulatory Authority Functions, Contacts, And Offices.

Regulation in the insurance industry is essential, especially where the interests of consumers are concerned. From ensuring that insurers can cover their policies to protecting the customers, insurance regulation bodies are just as important as the insurance companies themselves.

Who Is The Insurance Regulatory Authority?

The Insurance Regulatory Authority is a government agency that is tasked with the responsibility of regulating, supervising, and guiding the development of the insurance agency. The agency derives its powers from the Insurance act of the Kenyan constitution. It discharges its mandate by ensuring that insurance companies are in compliance with the set rules and regulations, guaranteeing the security of insurance policyholders, and protecting the consumers.

The IRA is governed by a board of directors that is entrusted with a fiduciary responsibility to oversee the operations of the agency. They are also charged with ensuring that the operations of the authority are consistent with the Insurance Act provisions.

Insurance Regulatory Authority (IRA) History

The history of the Insurance Regulatory Authority can be traced back to the Office of the Commissioner of Insurance, which was established in 1986 under the Insurance Act, CAP 487. It was the first insurance regulatory body in Kenya; before that, the industry regulation was under the Companies Act of 1960. The current IRA was established by the 2006 Insurance Act (Amendment) Cap 487, and from then on, it effectively took over the mandate of the Office of the Commissioner of Insurance.

Mandate And Functions Of The Insurance Regulatory Authority

The IRA through its board of directors is vested with the responsibility to regulate, supervise, and develop the insurance sector. It discharges this mandate in the following ways:

1. Consumer Education

When signing a contract for insurance policies, consumers need to have adequate knowledge that will protect their interests. However, given the nature of the industry, there is always a likelihood of a gap in information between consumers and insurers, and their agents.

The IRA help to bridge this gap through programs that educate the public on insurance matters, for example, the benefits of insurance, reasons for taking an insurance cover, type of insurance products on the market, among others. The consumer education programs are carried out through efforts such as newspaper articles, infomercials, brochures, customer education presentations, and publishing annual reports on the insurance industry.

2. Consumer Protection

Insurance policies are a contract between a consumer and the insurer to provide compensation against specified risks or events in return for some obligations, for example, premiums by the consumer. Unfortunately, like with any contracts, disputes are likely to arise, especially where the consumers enter into contracts without access to all information.

The IRA thus plays a very important role in protecting the interests of the consumers in such disputes. It handles any complaints that are lodged against various players in the industry by the consumers, for example, insurance companies and agents, insurance brokers, medical insurance providers, investigators, claim-settling agents, among others.

3. Creating A Regulatory Framework For The Industry

Another one of the top roles and functions of the Insurance Regulatory Authority is to create a regulatory framework for the insurance sector. The framework is designed in such a way that it promotes fair competition, increased investment in the economy, growth of the industry, and lastly, a stable and effective industry.

While designing the regulatory framework, the authority takes into consideration various factors such as technological changes and investment in physical and human capital to ensure that the regulation will lead to productivity and growth of the industry. The regulatory framework is also based on the Insurance Act, and other accompanying schedules and regulations.

Aside from creating a regulatory framework, the IRA is also charged with ensuring compliance with the set regulation. This is achieved through regular surveillance and inspection of the players in the industry.

4. Contributing To The National Development Of The Country

The IRA plays a very important role in national development. The authority helps to promote economic growth and development in the country by providing an array of insurance products and services, promoting entrepreneurial attitudes in the industry, encouraging investment and innovation, protecting the consumers, and more.

Services Offered By The IRA

The IRA in discharging its mandate offers several services to insurance companies, agents, and brokers, consumers, and other players in the industry. Below is a look at these services:

• Registering insurance agents – it includes both new applications and renewal of licenses
• Registering of medical insurance providers – as the health insurance regulatory authority in the country, the IRA registers providers that are licensed to offer health insurance products
• Registering insurance brokers
• Registration of new insurers
• Lien approvals – this includes creation, liquidation, roll-over, and cancellations
• Registering players in the motor vehicle insurance sector – these include insurance motor assessors, investigators, loss adjusters, insurance surveyors, claim settling agents and risk managers
• Handling insurance inquiries and complaints from consumers
• Resolving consumer disputes and complaints.

IRA Contacts

Do you have an inquiry about IRA functions, mandate, or the services it offers? Or do you want to report a dispute or a complaint? You can reach the Authority through the following contact details:

• Postal Address: P.O. Box 43505-0100, NAIROBI.
• Telephone Numbers: Landline ((254)- 020-4996000); Mobile: (0719047000, 0793676769, 0727563110, 0793676537, 0731095480, 0731368556, 075838034, 0793676536); Toll Free (0800724499).
• Email Addresses: commins@ira.go.ke, complaints@ira.go.ke or customercare@ira.go.ke (for complaints), ethics@ira.go.ke (for corruption reports)
• Website: www.ira.go.ke
• Twitter: @ira_Kenya
• Facebook: Insurance Regulatory Authority
• Head Office: Zep–Re Place, Longonot Road, Upper Hill, Nairobi.

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