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Registration Requirements Of An Insurance Agent

This article is provided by Muriithi & Ndonye Advocates.

Insurance business is regulated under the Insurance Act, Cap 487 of the Laws of Kenya.

The Act defines an insurance agent as a person who in consideration of a commission solicits or procures insurance business for an insurer or broker. The agent must not be an employee of the insurer.

In order for one to carry on business as an insurance agent, the person must be registered with the Insurance Regulatory Authority (IRA) in compliance with the provisions of the Insurance Act. Undertaking insurance business without registration is an offence punishable by law.

Registration with IRA

In order to be licensed as an insurance agent, the applicant:

1. Must have passed or be exempted from Certificate of Proficiency (COP) examination for Insurance Agents. The examination is offered by the College of Insurance;

2. Must pay the registration fee of Kshs. 1000/=;

3. Must have a certificate by the insurer certifying that the applicant has the knowledge and experience necessary to act as an agent;

4. Must have a statement of business with an insurer for whom the applicant proposes to act as an agent;

5. Where applicable, a certified copy of the certificate of registration of business name;

6. In case of a Corporate Agent, the following will also be required:

a. a certified copy of the certificate of incorporation;

b. a copy of the Memorandum and Articles of association ; and

c. Details of the shareholders or partners/ CR 12

 Its s noteworthy that every registered insurance agent must have a principal officer who is ordinarily resident in Kenya and who shall be responsible for the general control, direction and supervision of the Kenya insurance business of the agent. The principal

office should either be a sole proprietor, a partner or a shareholder in case of a corporate agent.

Insurance agents are required to renew their registration every year on or before on or before 30th September of each year at a fee of Kshs. 1000/=. Late renewal of registration attracts a penalty of Kshs. 1000/=. Payment may be done via M-Pesa or through IRA bank account.

Upon registration, a registration certificate is issued by the IRA.

It is important to point out that both registration and renewal of registration may be done online at the comfort of your office by accessing the IRA portal

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