To apply for renewal of your registration, you must go to the IRA Online Portal at www.online.ira.go.ke. Please note that the username should be 123 and the registration number should be as it appears on the 2013 certificate of registration. For example, if the registration number is IRA/06/123/01, the username should be IRA/06/123/01.
How do I renew my IRA license online?
) Insurance agents must use the IRA Online Portal www.online.ira.go.ke to renew their registration, request an endorsement, or make changes to their personal information in the registration application.
How can I get IRDA Licence?
Regulation 4 of the regulations (i.e. IRDA (licensing of Insurance Agents) /Regulations, 2000) states that a person wanting to get or renew a license to serve as an insurance agent or a composite insurance agent must have passed a 12th grade or equivalent examination held by the IRDA.
What is the full meaning of IRA?
Individual retirement accounts (IRAs) are tax-advantaged savings accounts that people can utilize to save and invest for the long term.
An IRA, like a 401(k) plan that a person receives as a perk from their employer, is intended to encourage people to save for retirement. Anyone with a source of income can open an IRA and benefit from the tax advantages it provides.
A bank, an investing business, an internet brokerage, or a personal broker can all help you start an IRA.
How many insurance companies are in Kenya?
In Kenya, there are 49 registered insurance companies, some of which sell general insurance and others which sell both life and general insurance. Composite insurers sell both life and general insurance. Insurance firms often offer the same goods, yet each has its own set of value-added services for customers.
How do I file a complaint against an IRA?
1. Check, using the preceding sections of this leaflet, that you are a person who has the right to complain, that your complaint is directed at the appropriate people or organizations, and that the Authority will be able to handle your complaint.
2. There is a complaint form that you should fill out. It’s available at the Insurance Regulatory Authority’s office or on their website.
3. Complaints made by phone, email, or the Authority’s hotline should be confirmed in writing and by filling out a complaint form. When submitting the form, include all pertinent information in your possession, such as copies of letters and other documents. Keep copies of everything if at all feasible.
What are the functions of insurance regulatory authority?
The major organization or supervisory body that supervises the insurance sector in the country is the Insurance Regulatory and Development Authority. It establishes the rules and regulations that govern the insurance industry’s operations. Its only objective is to defend policyholders’ interests while also advancing the industry as a whole.
In the event of modifications to the laws and regulations, the IRDA or IRDAI offers advises to insurance companies on a regular basis. The regulator assists the insurance industry in improving efficiency in the conduct of insurance business while also regulating insurance prices and other fees. At the end of this reading, you’ll find answers to frequently asked questions about the IRDA’s operation, features, and benefits.
Establishment of IRDA:
Until 2000, the insurance business was regulated by the Indian government. Following the suggestion of the Malhotra Committee report in 1999, the IRDA was founded in 2000 as a stand-alone apex body. The IRDA began accepting registration applications through invites in August 2000, allowing corporations from foreign nations to invest up to 26% in the market.
Under Section 114A of the Insurance Act of 1938, the IRDA has established a number of rules and regulations. The regulations cover everything from registering insurance businesses to protecting policyholders’ interests. The IRDA now has 31 General Insurance firms and 24 Life Insurance companies registered as of September 2020.
Objective of IRDA:
The Insurance Regulatory and Development Authority of India’s major goal is to enforce the Insurance Act’s provisions. The IRDA’s mission statement is as follows:
To ensure the financial soundness of the insurance business by regulating it fairly.
Regularly establish regulations to guarantee that the industry works in a clear and unambiguous manner.
How do I become an insurance broker in Kenya?
The applicant must register as an insurance broker online through the IRA Online Portal.
The applicant must ensure that he or she has all of the relevant paperwork, which can be found under the “Required Documents” section, in order for this process to be successful.
Payments will be made by MPESA or bank transfer. Under the Payment Details section, you will be prompted to select the chosen choice.
It is necessary to pay the proper fees, which may be found in the “Fees” section of this page.
Within 30 days of completing this process, the applicant will get feedback on the approval conditions.
Which organization is responsible for the licensing of life insurance agents?
The Alberta Insurance Council has been given responsibility for licensing businesses for restricted insurance agents’ certificates of authority in the province by the Minister.
How insurance brokers are regulated in Kenya?
Regulatory environment The Insurance Act (Chapter 487) (Insurance Act) is the main piece of legislation in Kenya that governs insurance and reinsurance. It established the Insurance Regulatory Authority (IRA), whose responsibilities include regulating, supervising, and licensing Kenyan insurers and reinsurers.