The Insurance Regulatory Authority (IRA) plans to host a workshop on draft guidelines for the insurance sector today. According to the Authority’s CEO and Commissioner, Sammy Makove, the IRA will be targeting stakeholders within the industry. Participants will include representatives from the country’s insurance companies as well as their compliance and risk managers. The move follows the recently released guidelines aimed at ensuring efficiency in the sector.

Mr Makove will use this as an opportunity to explain the new guidelines to stakeholders in the industry. The procedure is in line with Cap 487, Sections 3 (a), (b) and (g) of the Insurance Act. Section (a) states that the Authority has the power to ensure the effective administration, supervision and regulation of insurance and reinsurance business in Kenya.

Section (b) states that the IRA has the government-sanctioned authority to formulate and enforce conduct standards for all players in the industry. Section (g) stipulates that the Authority also has the power to issue guidelines from time to time in order to ensure better administration among organisations licensed under the Act.

According to Makove, the new regulations, which were issued earlier in July, will be used to enforce full disclosure when deductions are made to a taxpayer’s income. The IRA reports that the workshop will serve as a platform to ensure that insurance industry players conform to the new guidelines.