Browsing: Washington Ndegea

Insurance brokers in Kenya, as well as insurance agencies, can negotiate terms requiring insurance coverage under credit terms, as happens in the banking industry. The article seems to go all out to malign the insurance agents’ names by saying they are the ones owing the billions.

This gives the impression there could be a hidden motive in the penning of the article. The Kenyan insurance sector is highly regulated, and a working regulator should ensure that such cases are unheard of with licensed insurance agents in Kenya.

According to the Insurance Act Cap 487 Section 156 talks about insurance premiums and the manner in which they are supposed to be remitted to the insurer. Insurance brokers in Kenya are supposed to remit their premiums immediately after they receive the same from the client. Other intermediaries have a certain window within which they are supposed to remit the premiums and this goes for all the licensed insurance agents in Kenya.

In the years between 2000 and 2010, several insurance companies collapsed and the joke in the industry then was on those clients who were demanding to be served even as the doors were being shut for good.
But industry insiders, like yours truly, knew companies that were in the red and it was only a matter of time before they were shut down. Most insurance consumers did not have a clue as to what was going on.

These associations offer some information and services for free although one needs to become a member and pay a fee to access their full range of information, resources and services. By becoming a member of the peak body one can give his/her business credibility as membership proves to customers that you have met strict criteria and have certain qualifications and experience.

That is why we have strict criteria on who can become a member of our organisation in an industry inundated with fraudsters from all corners.