Kenya Insurance Industry – Governance, Risk and Compliance
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Kenya Insurance Industry Regulation Overview
The Insurance Regulatory Authority (IRA) regulates the Kenya insurance industry along with other regulators and supervisors including the International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Association of Kenya Insurers (AKI).
The Kenya insurance industry governance regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Insurance Regulatory Authority (IRA)
· International Association of Insurance Supervisors (IAIS) · African Insurance Organization (AIO) · Association of Kenya Insurers (AKI) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Aviation Liability Insurance · Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Kenya Insurance Industry – Key Regulators and Legislation
Insurance Regulatory Authority (IRA): The IRA governs the Kenyan insurance industry. The major functions of the authority include supervision of the prescribed rules and regulations of the Insurance Act, promotion of voluntary agreements, and provision of licenses to insurers and insurance intermediaries to help them enter the Kenyan insurance business.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization representing insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision, and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
The law regulating the Kenya insurance industry is:
- Insurance Act (Revised 2020)
- The Insurance (Statistics) Regulations 1993
- The Insurance (Insurance Appeals Tribunal) Rules 2013
- The Insurance (Policyholders’ Compensation Fund) Regulations 2010
- The Insurance (Amendment) Act 2019
- Marine Insurance Act Cap 390
- Insurance (Motor Vehicle Third Party Risks) Act Cap 405
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Kenya Insurance Industry - Compulsory Insurance
A few of the compulsory insurances required within the Kenya insurance industry are:
- Motor Third-Party Liability Insurance
- Aviation Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
Compulsory Insurance in Kenya
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Kenya Insurance Industry - Company Registration and Operation
A license is required to operate in the Kenya insurance industry. Insurers and reinsurers are permitted to operate in the country only if they are registered with the IRA under the Insurance Act. The IRA also provides licenses to insurance intermediaries to operate as supporting functions of the insurance business.
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Kenya Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Kenya. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: In Kenya, a company is considered as a resident if it is incorporated in the country, has its management and control in the country, or if the Cabinet Secretary of Finance declares through a notice published in the official Gazette that the company is a tax resident. Both resident and non-resident companies are taxed on all income sourced from Kenya.
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Scope
This report provides:
- Details of the insurance regulatory framework in Kenya.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations for the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Insurance Regulatory Authority (IRA) regulates the Kenyan insurance industry.
- Motor third-party liability insurance and workmen’s compensation are the key classes of compulsory insurance in Kenya.
- Composite insurance is permitted in Kenya.
- The placement of non-admitted insurance contracts is not permitted in Kenya. However, some exceptions are applicable.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Kenya.
- Track the latest regulatory changes and expected changes impacting the Kenyan insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices about various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Kenya insurance industry?
The Insurance Regulatory Authority (IRA) is the key regulator of the Kenya insurance industry.
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Which other bodies oversee the Kenya insurance industry?
The International Association of Insurance Supervisors (IAIS), the African Insurance Organization (AIO), and the Association of Kenya Insurers (AKI) are the regulatory and supervisory bodies that oversee the operations of the Kenya insurance industry.
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Which are the compulsory insurances required within the Kenya insurance industry?
A few of the compulsory insurances required within the Kenya insurance industry are motor third-party liability insurance, aviation liability insurance, marine liability insurance, professional indemnity insurance, and social security insurance.
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What are the taxes imposed upon the Kenya insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Kenya. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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