The Insurance Regulatory Authority as part of its core mandate licenses insurance/re-insurance companies and intermediaries. These include Insurance Companies, Insurance Agents, Insurance Brokers, Medical Insurance Providers, Insurance Investigators, Motor Assessors, Loss Adjusters, Insurance Surveyors, Claim Settling Agents and Reinsurance companies. They have to comply with a number of provisions before engaging in the business of underwriting risk.
The criteria for licensing companies and intermediaries are specified in the Insurance Act. In addition to the Act, the Authority normally issues circulars and guidelines to be followed by insurers and intermediaries in seeking to renew their licenses. Part of the information submitted by insurers/re-insurers when seeking to be licensed include although not limited information on directors, managers, representatives or other persons working for the company, information on owners, nature of risks the company intends to cover, reinsurance programme, proof of adequate own funds to carry out business, business plan and information on the technical bases for the calculation of technical provisions.
|Insurers & Reinsurers||Brokers & Medical Insurance Providers (MIPs)||Agents & Other Service Providers
|Insurer Licensing Requirements||Broker / MIP'S Licencing Requirements||Agents Licencing Requirements|
|Licensed Insurers||Licensed Brokers & MIP's||Service Providers Licencing Requirements|
|Insurers Licence Application Forms||Guidelines for online Registration||Licensed Agents|
|Reinsurance Forms||Licensed Reinsurance Brokers||Service Providers Licence Application Forms|
|Returns Templates||Licenced Other Service Providers|