Insurance practitioners, including brokers, in Kenya are to be registered and accredited under the Insurance Professional Act 2025, whose enactment is viewed as a landmark development in the professionalisation and regulation of the insurance industry in Kenya. The Act establishes key regulatory bodies and professional standards for the segment.
Under the new law, the Insurance Institute of Kenya (IIK) is established as a statutory body with clear powers to register and accredit insurance professionals. It is responsible for setting standards, providing education, and advancing the interests of insurance professionals in Kenya. It is empowered to take such disciplinary measures as may be necessary to maintain a proper standard of conduct among insurance professionals.
In addition, the Act establishes the Insurance Professionals Examinations Board as an independent corporate body conducting examinations, setting educational standards, and issuing certificates to insurance professionals.
Insurance professionals
Under the Act, a person practices as an Insurance professional if, in consideration of remuneration or other benefits received or to be received, engages?
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on their own or in partnership with others, or as an employee or agent of another who is in insurance practice; or
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in any practice, or performs or offers to perform any services, which may be prescribed.
A person is said to engage in insurance practice if the person?
(a) sells or markets insurance products or services either on their own account or on behalf of an insurer, a reinsurer and or an insurance broker or on their own account or in association with others;
(b) carries on the business of an insurance broker, either on their own account or in association with others;
(c) carries on the business of a claim settling agent either on their own account or in association with others;
(d) carries on the business of a risk manager either on their own account or in association with others;
(e) engages in insurance consulting services; or
(f) engages in any other business which is prescribed by the Cabinet Secretary as being insurance practice.