Insurance regulator revokes licenses of 20 brokers

Insurance Regulatory Authority emblem. [Standard, File]

The Insurance Regulatory Authority (IRA) has ordered 20 insurance brokers to cease operations in unclear circumstances.

In a statement dated July 8, IRA's Commissioner of Insurance Godfrey Kiptum directed the brokers to stop offering services starting June 30 after their licenses were cancelled.

The decision has been made in line with the Insurance Act that allows for the cancellation of licenses for firms that breach regulatory requirements.

"Pursuant to section 196 (A) of the Insurance Act, the insurance brokers whose names appear below have ceased transacting insurance business with effect from June 30, 2025," said Kiptum.

The affected companies include:

1. African Continent Insurance Brokers Limited
2. Andalus Insurance Brokers Limited
3. Allied Insurance Brokers Limited
4. Alpha-Levits Insurance Brokers Limited
5. Arkchoice Insurance Brokers Limited
6. Berkley Insurance Brokers Limited
7. Bilan Insurance Brokers Limited
8. Blossom Insurance Brokers Limited
9. Fides Insurance Brokers Limited
10. Harbinger Insurance Brokers Limited
11. Homeland Insurance Brokers Limited
12. Ibsa Insurance Brokers Limited
13. Khushal Insurance Brokers Limited
14. Legacy Insurance Brokers Limited
15. Masumali Meghji Insurance Brokers Limited
16. Nexus Insurance Brokers Limited
17. Online Insurance Brokers Limited
18. Real Alliance Insurance Brokers Limited
19. Solian Insurance Brokers Limited
20. Swinton Insurance Brokers (K) Limited

Insurance brokers usually offer professional assistance to clients seeking insurance covers by suggesting the best offers before linking the client to a desired insurance company.

The latest deregistration comes amid heightened regulatory enforcement by IRA targeting industry players who fail to meet compliance standards.