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How to Register as an Insurance Broker in Kenya

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How to Register as an Insurance Broker in Kenya by Kenyans247(1): Sat 14, March, 2020 12:55pm
Procedure
To register as an insurance broker, the applicant has to register online through the IRA Online Portal.

The applicant should:

Log in to Online portal. https://iraersportal.ira.go.ke/IRAERSPortal/
Download, fill in and attach to the online system; Form No INS 151-1. http://www.businesslicense.or.ke/uploads/201003//3dee7755502d880cdcdbaaa128d4de27.pdf
Download, fill in and attach to the online system; Form No INS 153-2. http://www.ira.go.ke/attachments/article/52/FORM%20NO%20INS%20153-2.pdf
The applicant has to make sure he or she has all the required documents that are required for this process to be successful and it can be found under the "Required Documents" section.

Payments will be done through MPESA or through the Bank. You will be required to select the desired option under the Payment Details section.

Payment of appropriate fees should be made that can be found under the "Fees" section of this page.

On completion of this process, the applicant will receive feedback of approval conditions within 30 days.

Required Documents
Bank guarantee of Ksh. 3 million from a commercial bank in the prescribed form, or two year Government bond held by the Authority.
A professional Indemnity Insurance Policy with a minimum limit of Ksh. 10 million.
A certified copy of the certificate of incorporation.
A certificate copy of the Articles and Memorandum of Association.
Details o the shareholders and share holding structure of the company.
Submit curriculum vitae of the principal officer.
Download, fill in and attach to the online system; Form No INS 151-1. http://www.businesslicense.or.ke/uploads/201003//3dee7755502d880cdcdbaaa128d4de27.pdf
Download, fill in and attach to the online system; Form No INS 153-2. http://www.ira.go.ke/attachments/article/52/FORM%20NO%20INS%20153-2.pdf

Office Locations & Contacts
Insurance Regulatory Authority (IRA)

Zep- Re Place Longonot Road - Upper Hill, Nairobi
P.O. Box 43505 - 00100
Nairobi
Tel: (254)- 020-4996000,
Mobile: (254) - 0719047000, (254)-0727563110
Fax: (254) - 020- 2710126
Toll Free Line: 0800724499
Email: commins@ira.go.ke
Website: http://www.ira.go.ke
Map Location https://www.google.com/maps/place/Insurance+Regulatory+Authority/@-1.299113,36.814287,16z/data=!4m5!3m4!1s0x182f10e8aa633b59:0x8e31dee9d6b8c308!8m2!3d-1.2991131!4d36.814287?hl=en-US

Eligibility
Any person who wants to be an intermediary concerned with the placing of insurance business with an insurer or reinsurer.



Fees
KShs. 10,000



Validity
One year

Processing Time
Thirty days

Instructions
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 – 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

Required Information
Name
Registered office
Postal Address
Telegraphic Address
Telex: Telephone
Location of offices
Principal
Branches
Incorporation
Place
Date
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 1024x768 or higher for optimal display.

Others
The Insurance Regulatory Authority's mandate is to regulate, supervise, and develop the insurance industry in Kenya.

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