The Kenyan Insurance Regulatory Authority (IRA) recently commissioned a survey of the country’s microinsurance market in an attempt to facilitate the penetration of microinsurance through policy reforms. Sammy Makove, IRA chief executive officer, said that the results of the study will help insurance stakeholders decide between two models of microinsurance regulation. The first would involve amending the country’s current regulatory framework, the Insurance Act, to accommodate microinsurance, whereas the second would create a policy distinct from the Insurance Act that would regulate microinsurance exclusively.
About the Kenyan Insurance Regulatory Authority (IRA)
Established in 2006, the Kenyan Insurance Regulatory Authority (IRA) is a governmental agency tasked with the regulation, supervision and development of the insurance industry in Kenya. As of March 2010, this involves the administration of the Insurance Act. IRA also provides advice to the Kenyan government on insurance policy issues.
By Eric McKay, Research Assistant
Bibliography
[1] “IRA Commissions Survey of Kenyan Market”, Kenya Broadcasting Corporation, March 15, 2010, http://www.kbc.co.ke/story.asp?ID=62765
Additional Resources
MicroCapital Universe: Insurance Regulatory Authority (IRA): https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Insurance+Regulatory+Authority+%28IRA%29
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