The Insurance Regulatory Authority (IRA) has finally unveiled a list of Insurance Brokerage Firms you must avoid in 2020 as their businesses will not be recognised by the regulator.
According to IRA’s notice issued on February 19, 2020, just 133 brokerage firms meet the required conditions while 80 are banned from operating in the market.
With 213 operating in 2019, the decrease represents a 30 per cent drop with the list having some surprising names. Companies like Waumini, Nyadwe, Koolridge and Pacific Insurance Brokers are known to be huge in their operations.
The IRA list has been awaited by the industry with strong protest expected among the banned firms. Find the list of the validly licensed firms here.
The companies have been banned for not remitting insurance premiums with the outstanding amount being Ksh 43 billion. IRA also indicated that the delisted insurance brokerage firms had not complied with the new license conditions in the Insurance Act.
Insurance firms were not affected.
Here is the List of Delisted Insurance Brokers:-
- AA Insurance Brokers Limited
- Aboo Insurance Brokers Limited
- AL- Amin Insurance Brokers Limited
- Alpha-Levits Insurance Brokers Limited
- Apis Insurance Brokers Limited
- A-Plan Insurance Brokers Limited
- Associated Insurance Brokers Limited
- Bafana Insurance Brokers Limited
- Batlex Insurance Brokers Limited
- Bental Insurance Brokers Limited
- Berkley Insurance Brokers Limited
- Centaur Insurance Brokers Limited
- Chartwell Insurance Brokers Limited
- Clarkson Insurance Brokers Limited
- Consolidated Insurance Brokers Limited
- Crownscope Insurance Brokers Limited
- Eden Rock Insurance Brokers Limited
- Entreplat Insurance Brokers Limited
- Fairsure Insurance Brokers Limited
- Fast Fit Insurance Brokers Limited
- First Accord Insurance Brokers Limited
- Font Insurance Brokers Limited
- Fortune Insurance Brokers Limited
- Goldfield Insurance Brokers Limited
- Harbinger Insurance Brokers Limited
- Harmony Insurance Brokers Limited
- Hawk Bay Insurance Brokers Limited
- Homeland Insurance Brokers Limited
- Kan Insurance Brokers Limited
- Kelon Insurance Brokers Limited
- Kenfident Insurance Brokers Limited
- Koolridge Insurance Brokers Limited
- Ksembi Insurance Brokers Limited
- Lalit Sodha Insurance Brokers Limited
- Lema Insurance Brokers Limited
- Losagi Insurance Brokers Limited
- Macly Insurance Brokers Limited
- Mik Insurance Brokers Limited
- Millenium Insurance Brokers Limited
- Minlet Insurance Brokers Limited
- Niconat Insurance Brokers Limited
- Nyadwe Insurance Brokers Limited
- Octagon Insurance Brokers Limited
- Pacific Insurance Brokers (Ea) Limited
- Paladin Insurance Brokers Limited
- Palsha Insurance Brokers Limited
- Plan & Place Insurance Brokers Limited
- Platinum Insurance Brokers Limited
- Porim Insurance Brokers Limited
- Prime Mover Insurance Brokers Limited
- Primeken Insurance Brokers Limited
- Royal Associates Insurance Brokers Limited
- Sakaka Insurance Brokers Limited
- Samnel Insurance Brokers Limited
- Scanner Insurance Brokers Limited
- Sedgwick Kenya Insurance Brokers Limited
- Select And Protect Insurance Brokers Limited
- Shree Insurance Brokers Limited
- Solian Insurance Brokers Limited
- Southern Sahara Insurance Brokers Limited
- Spire Insurance Brokers Limited
- Swinton Insurance Brokers (K) Limited
- Underwriting Africa Insurance Brokers Limited
- Utmost Insurance Brokers Limited
- Vike Insurance Brokers Limited
- Waumini Insurance Brokers Limited
- Wilsmart Insurance Brokers
- Zulmac Insurance Brokers Limited
The delisted firms cannot transact any brokerage business as the IRA licences run from January to December every year.
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