Legal and Regulatory Environment

The Insurance Industry is regulated by the Insurance Act and its attendant Regulations. The Act provides for the Insurance Regulatory Authority (IRA) which is responsible for licensing, regulating and developing the insurance sector in Kenya.

AKI in turn is an umbrella body for the insurance companies and offers consultative and advisory services to its members. The Association was registered under the Societies Act, Cap 108 in January, 1988. During the same year, the AKI Constitution was ratified and adopted by members. 
The Insurance Act has undergone various revisions to keep abreast with the changing environment. The most recent was the Insurance (Amendment) Bill, 2017. 

The following are some of the legislations for 2017;

ACT

• Revised Insurance Act, 2015 – This is the principal Act for the insurance industry
• The Insurance (Amendment) Bill, 2017

GUIDELINES

• The Insurance (Valuation of Technical Provisions for General Business) Guidelines, 2017
• The Insurance (Valuation of Technical Provisions for Life Business) Guidelines, 2017
• The Insurance (Investments Management) Guidelines, 2017
• The Insurance (Capital Adequacy) Guidelines, 2017

Other laws that affect the insurance industry directly and indirectly, include;

• The Statute Law (Miscellaneous Amendments) Act, 2017
• Finance (Amendment) Bill, 2017
• Excise Duty Act, 2015
• Tax Procedures Act, 2015
• Unclaimed Financial Asset Act, 2015
• Companies Act, 2015