The Insurance Industry is regulated by the Insurance Act and its attendant Regulations. The Act also provides for the Insurance Regulatory Authority which is responsible for licensing, regulating and developing the insurance sector in the country. AKI in turn is an umbrella body for the insurance companies and offers consultative and advisory services to its members.
The Insurance Act has undergone various revisions to keep abreast of the changing environment. The most recent amendment was undertaken in 2015, after the passing of the Finance Act, 2105. The Finance Act required the insurance sector law to be amended to reflect the minimum capital requirements, introduction of risk based capital supervision and revision of the requirements for registration of insurance agents.
The Insurance Act, 2015 was assented to in December 2015. The attendant regulations have been reviewed to reflect the changes in the sector law and are awaiting due process before implementation.
Over and above the Insurance Act, 2015, there are various other laws that touch on the insurance industry directly and indirectly, including;