The Board has six (6) committees that address varying issues touching on the industry. The Board committees report to the main Board and they include:
Statutory and Legal Affairs Committee
The Statutory and Legal Affairs Committee has been charged with the oversight role of examining the existing Regulatory and Legislative environment and proposing appropriate recommendations for action to the Board. Following the promulgation of the new Constitution in 2010, the Committee has been monitoring the revised legislation, determining the impact to the industry and ensuring that the member organizations remain complaint with the revised laws.
The Committee reviews the main insurance statute, the Insurance Act, Cap 487 as well as other related legislation that impact on Insurance Business and proposes amendments which form part of the Budget proposals. The Committee is currently engaged in the review of the Insurance Act and the attendant Regulations.
Secretariat Affairs and Investments Committee
The Committee supervises the day-to-day operations of the Secretariat including general administration and financial management. It has oversight responsibility over AKI’s finances, human capital, provision of services to members and execution of revenue generating initiatives. Its terms of reference include:
- Supervise the activities of the Secretariat.
- Review and determine the organization structure of the Secretariat and the Terms and Conditions of Service.
- Responsible for all matters concerning staff welfare, recruitment and discipline of staff in accordance with the delegated authority of the Board.
- Review the operations of the Secretariat and submit appropriate recommendations to the Board.
- Review annual financial policies, procedures and practices and make recommendations to the Board.
- Review annual audited accounts and management letter and ensure that the Secretariat takes action on recommendations.
- Review annual budget and financial report and submit to the Board for approval.
- Review the investment strategy and ensure investment of surplus funds is done in accordance with investment policy approved by the Board.
- Conduct monthly financial reviews as well as quarterly reviews of the internal controls and procedures.
- Ensures that there is appropriate, adequate and up to date insurance for all the assets of the Association.
- Ensure that AKI complies with all statutory requirements.
Public Relations & External Liaison Committee
The Committee is responsible for all public relations activities of the Association. Its terms of reference include:
- Facilitate consultation and communication with Government, the media and any other Associations, Organisations or bodies where AKI members may have an interest.
- Oversee and supervise any public relations activities of the Association.
- Formulate an annual public relations programme for approval by the Board.
- Coordinate the public relations activities of the Board, Councils and other Committees in matters of common interest revolving around statute, national economic policy, trade practices, public policy, and issues of concern in the media.
- Promote knowledge of insurance and create a positive image of the industry.
- Consider and recommend to the Board the appointment of competent public relations consultant(s).
Ethics and Self Regulation Committee
The Ethics and Self Regulation committee was established as a mechanism to deal with self regulation for the promotion of harmony and the resolution of differences. The Committee, which reports to the Board, promotes underwriting discipline by ensuring insurers adhere to the highest ethical standards of market conduct by promoting discipline and professionalism.
The Committee regularly monitors and reviews current business trends and advices the Board on measures that can be put in place to ensure orderly expansion of insurance business. It is charged with monitoring members’ compliance with the AKI Code of Practice.
It further serves as a Complaints and Compliance Committee to resolve matters that affect insurers as well as other industry players or members of the public.
Committee for Liaison between Underwriters and Brokers (CLUB)
The Committee is a special working group created to deal with and maintain relations with other insurance associations, professional bodies and organisations locally, regionally and internationally as advised by the Board. The liaison with other bodies is mainly to facilitate exchange of information and build capacity. These professional bodies include the Association of Insurance Brokers of Kenya (AIBK); the Kenya Reinsurance Corporation and other reinsurers; other intermediaries such as Loss Assessors and Adjusters, Agents and the Insurance Regulating Authority.
The Committee also ensures effective and regular liaison with the College of Insurance and with similar bodies/institutions within and outside Kenya in pursuit of professional and technical excellence.
Micro Insurance (MI) Committee
The AKI Board constituted the Micro Insurance Committee in 2012 and the same was ratified by the AGM in March 2013. The activities of the committee cut across those of General and Life Councils. The terms of reference are as follows:
- To identify issues that are inhibiting the development/penetration of Micro Insurance, articulate them and propose solutions/ recommendations to the AKI Board.
- Identify areas where the government /government institutions can be lobbied for tax relief, assistance and subsidies. In addition, liaise with government agencies/bodies whose operations relate to Micro Insurance.
- Co-ordinate all matters relating to public awareness/education campaigns and prepare campaign materials for the PR committee.
- Recommend research/studies particularly, on channels of distribution/intermediation and product development.
- Recommend best practice in data collection, analysis, data management and generation of reports.
- Recommend micro insurance guidelines on rates, terms, conditions and policy wording.
- Organize and co-ordinate seminars/workshops for exchange of ideas and enhancement of technical competence/capacity building among members.
- Prepare annual programme of activities and budget.
- Undertake periodical monitoring, evaluation, impact analysis and advise on trends.
- To come up with self-regulatory framework and prescribe market agreements.
- To lobby IRA for favourable Rules and Regulations.
- Undertake any other related assignment as may be required by the Board.