The registration requirements of an Insurer are detailed in section 30 and 31 of the Insurance Act Cap 487 of the Laws of Kenya and include the following:
- An applicant shall fill in the prescribed form together with appendices. Click here to download the form.
- Registration fee of Kshs. 150,000 for insurance companies and Kshs. 250,000 for Reinsurers payable to the Insurance Regulatory Authority.
- Certified copy of the certificate of incorporation of the company.
- Certified copy of the Articles and Memorandum of Association of the company.
- A certified copy of the published prospectus, if any.
- A feasibility study report as outlined under Regulation 7 of the Insurance Regulations.
- Paid up share capital as prescribed in the Insurance Act: as may apply under: (a). Long term insurance business of Ksh. 400 million (b). General Insurance business Kshs. 600 million (c). Reinsurance business Ksh. 1 Billion
- Details of the shareholders and share holding structure of the company.
- Curriculum Vitae of the principal officer
- A statement of all the classes of business the proposer intends to transact. The classes of business are prescribed in the schedules to the Insurance Act.
- Specimen proposal and policy forms for all the classes of business the proposer intends to transact.
- The premium rates the proposer intends to apply under each class of business during the year of registration.
- A certificate in connection with the long term insurance business by an actuary that the premium rates terms and conditions are sound and workable.
- A detailed statement of assets and liabilities in Kenya at the date of application.
- Proposed Reinsurance arrangements.
- A certificate from Central Bank of Kenya specifying the amounts and details of deposits under section 32 of the Insurance Act (equivalent to 5% of the total admitted assets).
- The proposed contract documents with Insurance Agents and Brokers.
- A statement of how the company intends to cover its initial administrative costs.
- The name of the company should be in order and in line with Section 190.