Kenya - Renew Micro Insurance License or Permit

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Procedure

1. A microinsurer shall apply to the Authority for the renewal of registration annually on or before the 30th of September.
2. A micro-insurance license or permit is a regulatory authorization that allows an insurance provider to offer micro-insurance products and services to the public. The license or permit is issued and regulated by the Insurance Regulatory Authority (IRA) of Kenya, the government agency responsible for overseeing the insurance industry. IRA Contact

Apply In-Person:


Step 1: Apply and Submit the application

1. Applicants will be required to obtain and complete the FORM NO. INS 30-1, which can be obtained at the IRA regional offices or downloadable via the IRA Website or directly download the form via this link: FORM NO. INS 30-1
2. Prepare and submit a formal application for a microinsurance license or permit to the Insurance Regulatory Authority (IRA) for review. Include all mandatory documentation as listed below under “Required Documents” on this page for consideration.

Step 2: Regulatory Review of the Application:

1. Upon receipt of the file, the Authority will make administrative checks to make sure that the application dossier for microinsurance license/permit renewal is completed and acceptable.
2. Should the file be incomplete, the Authority will inform the applicant that additional information is required or some modifications must be brought to the file. The file shall be resubmitted to the Authority for processing.
3. The Authority shall examine the application to determine whether the licensee has been operating within the authority parameters and has not breached any bylaws as set by the Authority.
4. The Authority may refuse to issue a Micro Insurance license to an applicant if it finds that the applicant does not comply or meet the requirements of the Kenya Insurance Act.

Step 3: Approval and issue of the License:

1. Upon satisfying the Authority with the preliminary requirements, a draft license is made available for withdrawal by the applicant.
2. While collecting the license the applicant will be required to present proof of payment of the grant of the renewal license/permit as prescribed by the Authority.

Step 4: Ongoing Compliance:

1. After renewal, you must continue to meet all regulatory requirements, including reporting, governance, and consumer protection, throughout the renewed license or permit period.

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Required Documents

• Duly completed and signed/stamped FORM NO. INS 30-1
• Expired/current microinsurance license
• Certified copy of the certificate of incorporation of the company.
• Certified copy of the Articles and Memorandum of Association of the company.
• A certified copy of the published prospectus, if any.
• A feasibility study report as outlined under Regulation 7 of the Insurance Regulations.
• Paid up share capital as prescribed in the Insurance Act: as may apply under Microinsurance business KES 50 million, General Insurance business KES 600 million

and Reinsurance business KES 1 billion

• Details of the shareholders and shareholding structure of the company.
• Curriculum Vitae of the Principal Officer
• A statement of all the classes of business the proposer intends to transact. The classes of business are prescribed in the schedules of the Insurance Act.
• Specimen proposal and policy forms for all the classes of business the proposer intends to transact.
• The premium rates the proposer intends to apply under each class of business during the year of registration.
• A certificate in connection with the long-term insurance business by an actuary that the premium rates terms and conditions are sound and workable.
• A detailed statement of assets and liabilities in Kenya at the date of application.
• Proposed Reinsurance arrangements.
• A certificate from the Central Bank of Kenya specifying the amounts and details of deposits under section 32 of the Insurance Act (equivalent to 5% of the total assets).
• The proposed contract documents with Insurance Agents and Brokers.
• A statement of how the company intends to cover its initial administrative costs.
• The name of the company should be in line with Section 190 and Regulation 15 (4) of the Microinsurance Regulations (in the case of a micro insurer).
• Proof of payment of the micro insrance renewal license

Office Locations & Contacts

Insurance Regulatory Authority (IRA)Zep- Re Place Longonot Road - Upper Hill, Nairobi
Kenya
P.O BOX 43505 - 00100 NAIROBITel: (254)- 020-4996000,Mobile: (254)- 0719047000E-mail: [email protected] Complain: [email protected]
Toll Free Line: 0800724499
Website: Link

Eligibility

• Eligibility to renew a micro-insurance license in Kenya requires continued compliance with regulatory standards, including financial solvency, consumer protection measures, and the submission of a renewal application and fees, while maintaining operational continuity.

Fees

• Please consult with the Insurance Regulatory Authority (IRA) office.

Validity

• A microinsurer shall apply to the Authority for the renewal of registration annually on or before the 30th of September.
• The validity of a micro-insurance license or permit in Kenya is typically determined by the regulatory authority and is subject to renewal, compliance with regulatory standards, and changes in regulations.

Documents to Use

FORM NO. INS 30-1

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The time frame for processing the application is within one month.

Related Videos

Videos explaining the procedure or to fill the applications.
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sevenload, viddler, vimeo, youku, youtube

width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is dkisplayed.

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Instructions

Please provide other instructions related to the certificate/documents.

e.g. The state office holds birth records since January 1908.

Required Information

• Business name
• Head Office address /contact details
• Principal Place of Business Details/ Contact Details
• Reliance on Other Parties Details/Contact Details (Consultant/ Auditor/ Actuary/ Insurance Manager)
• Governance: Company Structure, Legal Form, and Head Office Details
• Ownership and Control Details
• Financial Soundness and Capital Requirements Details
• Size and Type of Business Details
• Administration Systems and Processes Details
• Particulars of controllers/key persons
• Questionnaire for controllers/key persons
• Particulars of the shareholders
• Particulars of service providers
• Risk management strategy
• Business plan
• Sources of Capital
• Declaration by applicant

Need for the Document

• In Kenya, a micro-insurance license or permit is a regulatory authorization that allows an insurance provider to offer micro-insurance products and services to the public. The license or permit is issued and regulated by the Insurance Regulatory Authority (IRA) of Kenya, the government agency responsible for overseeing the insurance industry.
• The license/permit should be renewed if the holder wishes to continue operating as a micro-insurer.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

MICROINSURANCE REGULATIONS

Others

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