An insurance broker is a professional who represents consumers in their search for the best insurance policy for their needs. They work closely with their clients to research coverage, terms, conditions, and price and then recommend the insurance policy that best fits the bill. How to Register as an Insurance Broker in Kenya
Procedure on How to Register as an Insurance Broker in Kenya
To register as an insurance broker, the applicant has to register online through the IRA Online Portal.
The registration requirements of Insurance Brokers are detailed in Section 150 of the Insurance Act Cap 487 of the laws of Kenya and include the following:
NO application shall be received in hard copy. Following are the steps for on-line application for the Agents. Brokers and MIPs will do their application on the ERS system and will no longer use the Online Portal for registration.
Professional Indemnity Insurance Policy. Minimum limit KShs.10,000,000/=
The paid-up share capital must not be less than KShs.1,000,000/= A letter from the auditors confirming that the paid-up share capital is actually KShs.1,000,000/=
Bank guarantee of Kshs 3,000,000/= from a commercial bank or central bank of kenya in the prescribed from available from this office
Registration fee KShs.10,000/= payable to the Permanent Secretary to the Treasury, by a bankers cheque.
Kenyan citizens must hold 60% of the shareholding.
Must be a company incorporated under the Companies Act.
Copy of Articles and Memorandum of Association.
Copy of certificate of incorporation.
The applicant must not have any common interest with any other member of the insurance industry
Application Form NO. INS. 150-1 duly completed to accompany the registration fee.
Form NO. INS. 153-2, statement of outstanding premiums due by a broker duly completed and signed by the auditors and the Principal Officer.
Form NO. INS. 151-1, statement of business of a broker duly completed and signed by the Principal Officer.
Annexure iii â€“ particulars of the Principal Officer who should be a shareholder.
The broker is required to employ technically qualified personnel to run the operations of the company.
Agents converting into brokerage should obtain clearance letters from all insure
For renewal of registration the following additional requirements should be fulfilled:- (i) Annual audited accounts (ii) Penalty of KShs.10,000/= for the late submission of registration Form
Location of offices
Particulars of Members of Board of Director
Particulars of Principal officer, Company Secretary and other Senior Management Staff Departmental staff
Particulars of Auditors, Legal Advisors and Actuaries
Need for the Document
An Insurance Broker is an intermediary concerned with the placing of insurance business with an insurer or reinsurer for or in expectation of payment by way of brokerage, commission for or on behalf of an insurer, policy holder, or proposer for insurance or reinsurance.
Insurance brokers in Kenya are under Insurance Regulatory Authority. IRA is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise, and develop the insurance industry.
Information which might help
The recommended minimum computer requirements for using IRA ERS Portal are:
Microsoft Internet Explorer version 7 or above, or Firefox version 4 or above or Google Chrome version 10 or above.
For viewing your forms in PDF (and printing where signatures are required) you will need a PDF viewer, such as Adobe Acrobat Reader (version 8.0 or above).
Forms can be exported as spreadsheets. For this you will need Microsoft Excel 2003 or above (the viewer application for Excel will also work).
A connection to a printer so you can print out hard copies of forms.
Recommended screen resolution of at least 1024×768 or higher for optimal display.