The Insurance Regulatory Authority (IRA) has cancelled the licences of 20 insurance brokerage firms in Kenya, citing non-compliance with statutory requirements. In a public notice issued on July 18, 2025, the regulator announced that the deregistration was conducted in accordance with Section 196(A) of the Insurance Act (Cap. 487).
“The Insurance Regulatory Authority (IRA) hereby notifies the public that licences of 20 insurance brokers have been cancelled pursuant to Section 196(A) of the Insurance Act (Cap. 487),” read part of the statement.
The affected firms are no longer authorised to transact insurance business effective June 30, 2025. While the IRA did not specify the exact reasons behind the cancellations, it is widely understood that such actions are typically linked to non-compliance with regulatory requirements, failure to remit premiums, or poor financial management.
This move is part of the authority’s broader mandate to ensure integrity and stability within the insurance sector. As a statutory government agency, the IRA regulates, supervises, and promotes the development of the insurance industry in Kenya.
Over the years, the IRA has conducted similar reviews, leading to periodic updates of its list of licensed players. In 2020, a revised list of approved insurance brokers was released, excluding several firms that had failed to meet regulatory standards.
Industry analysts have noted that compliance remains a key challenge for some intermediaries, particularly in the areas of premium collection and financial reporting. According to previous IRA reports, the sector has grappled with billions in unpaid premiums estimated at KSh 43 billion as of 2018 much of it linked to brokers and agents.
The IRA has repeatedly urged insurance intermediaries to comply fully with the provisions of the Insurance Act and has encouraged consumers to verify the licensing status of firms before engaging their services.
By maintaining a strict regulatory framework, the authority aims to safeguard policyholders’ interests, promote transparency, and enhance confidence in the insurance market.
The latest deregistration serves as a clear reminder to industry players that compliance is not optional but a legal and ethical obligation.
