Browsing: Bancassurance

Insurance brokers have welcomed the initiative by the government to regulate the insurance brokerage sector.

The sector has however noted that such a law should not stifle its growth.

Association of Insurance Brokers of Kenya (AIBK) National Chairman who is also the President of the East African Insurance Breakers Association, Nelson Omollo says insurance brokers, who act as intermediaries, welcome and embrace the advent of the Insurance (Amendment) Act 2019, as a ‘legitimate disruption to our market’.

“We certainly appreciate and respect the component of Cash and Carry regime. Our discomfort with the new Act emanated from the criminalization of premium handling. However, I am happy to report that discussions are underway between AIBK and the Insurance Regulatory Authority (IRA) to try to use different avenue in resolving the matter as opposed to pursuing purely legalistic or judicial procedures,” Omollo said.

In July, AIBK moved to court seeking to stop …