The Insurance Regulatory Authority (IRA) has authorized 128 insurance players including 9 life insurers, 21 non-life insurers, 2 Re-insurers, 24 loss assessors, 5 Health membership Organization (HMOs), 19 Bancassurance agents, 3 Re-insurance brokers and 43 insurance brokers to transact business effective 1st January 2021.
This exercise has been done in line with section 34 (1), 35, 36 (1), 82 (1) and 83 of the Insurance Act, No. 6 of the Insurance Act 2017.
Insurance players holding perpetual licenses whose issuance came into effect at the beginning of 2020 in line with section 44 (2) of the Insurance Act 2017, and have met the compliance requirements and other Authority set standards have been authorized to continue transacting insurance business in the year 2021.
In a public statement issued by the Authority, the public has been advised to deal with ONLY licensed and authorized players and in case of any dissatisfaction with the services of any of the players, to lodge a complaint with Authority’s Complaints Bureau and seek redress.
Section 147 (1) requires players to display prominently a copy of their license in each of their branches to enable the public establish that the company is duly licensed and/or authorized to operate.