The Authority is run by a Board.
The Act provides for the appointment of a Board of Directors .The Chief Executive Officer of the Authority is Mr Sammy Makove.
The Authority is established as a corporate body, with perpetual succession and a common seal. It is able to sue or be sued, purchase, dispose property, borrow or lend money
The Members of the Board are:-
The Chairman - Mr Peter Johnson Mainda
-
The CEO of the Authority
-
PS Treasury, Ministry for Finance
-
CEO of Retirement benefits Authority
-
CEO of Capital Markets Authority
-
Governor of the Central Bank of kenya
-
A Nominee of the Insurance Institute of kenya
-
Four other members appointed by the Minister as follows:-
- 1. Mr. Joseph Munene Murage
- 2. Mr.Abdulaziz H. Mohamed
- 3. Mr Moses Buyuka Obonyo
- 4. Ms Chemutai W. Murgor
The Objects and Functions of the Authority are:-
Administration, regulation, control of insurance/reinsurance business
-
Formulation & enforcement of standards for the conduct of Insurance and reinsurance business
-
Licensing of all persons in the industry
-
Protection of policy holders and beneficiaries interests
-
Development of Insurance sector
-
Advising Government on national policy to be followed to ensure adequate insurance protection and security of national assets and properties
The Board has powers to:-
Determine the provisions for capital, recurrent expenditure as well as reserves
-
Receive grants, gifts, donations, endowments and to make legitimate disbursements
-
Enter into association with other stakeholders within and abroad.
-
Open an account & invest funds in accordance with the provisions of the Act
-
Administer the assets of the Authority
A fund is established refered to as The Insurance Regulatory Authority Fund) into which the following are paid:-
Premium levy, Monies accruing, sums payable, gifts, donations or borrowed funds, monies from other sources
-
Sums shall be paid to the authority to meet the expenditure from the fund
-
The fund is to be invested in securities allowed by law or treasury
-
The Board is required to prepare annual revenue and expenditure accounts which are submitted to the Minister for approval. After such approval, the Authority cannot increase the annual estimates without the minister’s consent nor incur any expenditure that is not in accordance with the annual estimate.
-
The Accounts of the authority shall be subjected to audits by the auditor general or an auditor appointed by the Board
The Act states that the provisions of the Act shall prevail where there is any conflict between this Act and any other
written law in respect of the powers and functions of the Board or the Authority.
The Board has protection from legal proceedings or payment of compensation to other persons for anything done in good faith in accordance with the Act. Section 181 has been amended to provide that the Minister consult the Board before granting any exemptions to any persons from any of the provisions of this Act.
The Board shall now register an applicant. Similarly the Board can refuse to effect such registration or renewal of registration as the case may be. Where the Board refuses the application, copies of it's decision will be given to the applicant and the Minister. In accordance with section 196(2), the Minister after giving a registered person a reasonable opportunity of making representation may by
