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IRA CEO – SAMMY MAKOVE IF YOUR ARE IN THE LIST, KEEP OFF INSURANCE BUSINESS

The closed rms include Stely Insurance Claims Settling Agency, which is an insurance claims

settling agent. Allied Assessors and Toplis-Harding International, which are insurance loss adjusters, have also been shut down.

Allied Assessors, Panal African Insurance Surveyors, Perfect Marine Adjusters, Sterling Marine Surveyors, which are insurance surveyors, have similarly been ordered closed. Oryx Consulting &Risk Management, an insurance risk manager, did not escape the regulator’s wrath either.

The insurance brokers who have been shut down are Insurance Brokers

and Coordinators, Jitegemea Insurance Brokers, Leon Insurance Brokers, Widescope Insurance Brokers, Yess Insurance Brokers, and Zawaam Insurance Brokers Ltd.

Abalone Insurance Investigators Services, Beam Loss Assessors, Channel Investigation Services, and City Adjusters and Assessors Ltd are among the 44 insurance investigators affected by the move.

Kenya Seven Valuers and Assessors, Sonico Engineering, Sony Motor Valuers and Assessors, and United Motor Assessors are among the 12 motor assessors closed down.

While releasing the list of the firms that have now been shut down, Insurance Regulatory Authority Chief Executive Officer Sammy Mavoke said none of the affected companies should receive or handle new business unless cleared by the regulator.

All old and new cases before the affected firms must be handled by other licensed firms since the affected entities have no authority to carry on, transact, do, or handle any new or old business,” said Mr Mavoke.

The move by the regulator is likely to trigger another round in the long-standing war between insurance companies and intermediary rms; the former have been calling for fast-tracking of a web-based insurance clearing house portal by the Association of Kenya Insurers, where all covered motor vehicles will be listed and claims vetted before payment is done to arrest the worrying rise in fraudulent claims.

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