Insurance Broker / MIP’S Registration Requirements in Kenya

153

 

If you are planning to be an insurance broker, you have to register your business with the Insurance Regulatory Authority. Registration requirements and documents to submit are as follows.

  1. Log in to Online portal.
  2. Registration fee Ksh. 10,000 payable to the Insurance Regulatory authority.
  3. Bank guarantee of Ksh. 3 million from a commercial bank in the prescribed form, or two year Government bond held by the Authority.
  4. A professional Indemnity Insurance Policy with a minimum limit of Ksh. 10 million.
  5. A minimum paid- up share capital of Ksh. 1 million.
  6. At least 60% o the shares shall be held by Kenyan Citizen(s).
  7. A certified copy of the certificate of incorporation.
  8. A certificate copy of the Articles and Memorandum of Association.
  9. Details o the shareholders and share holding structure of the company.
  10. Submit curriculum vitae of the principal officer.
  11. Kindly download, fill in and attach to the online system; Form No INS 151-1.
  12. Kindly download, fill in and attach to the online system; Form No INS 153-2.

 

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