AddressP.O BOX 43505 - 00100 NAIROBI Zep- Re Place Longonot Road - Upper Hill, Nairobi
About Insurance Regulatory Authority (IRA)
Vision:
To be the leading insurance industry regulator.
Mission:
To effectively regulate, supervise, develop the insurance industry and protect insurance beneficiaries.
Core Values:
(i)Accountability: -We exercise prudence in use of public resources entrusted to IRA.
(ii)Team Spirit: -... read moreWe work effectively with others across functional lines to accomplish objectives.
(iii)Transparency: -We promote openness and candidness.
(iv)Integrity: -We will serve our customers in an impartial, effective and professional way with the highest ethical standards.
(v)Customer focus:-We are committed to achieving the highest levels of customer satisfaction.
(vi)Creativity: -We believe in continuous improvements in the conduct of our business.
The Insurance Regulatory Authority is a statutory government agency established under the Insurance Act (Amendment) 2006, CAP 487 of the Laws of Kenya to regulate, supervise and develop the insurance industry. It is governed by a Board of Directors which is vested with the fiduciary responsibility overseeing operations of the Authority and ensuring that they are consistent with provisions of the Insurance Act.
The Authority is a precursor to the then Office of the Commissioner of Insurance that came into existence with the enactment of the Insurance Act, CAP 487 in 1986. Prior to this, insurance regulation was based on the UK legislation under the Companies Act 1960.
In executing our mandate, we adhere to the core principles of objectivity, accountability and transparency in promoting not only compliance with the Insurance Act and other legal requirements by insurance/reinsurance companies and intermediaries but also sound business practices. We therefore practice regulation and supervision that enables industry players to be innovative and entrepreneural. Bearing in mind industry differences in terms of size, extent and complexity, necessitating changes in operating and investment decisions helps cut down on compliance costs. Since in the long run, this has impacts on productivity and growth of the insurance sector, the Authority deploys significant resources in monitoring market behaviors, compliance and solvency issues.
In line with the Insurance Act, the functions of IRA are to:
The Authority works collectively and individually with Industry players in achieving the following fundamental insurance regulatory objectives:
(i)Ensure compliance by insurance/reinsurance companies and intermediaries with legal requirements and sound business practices;
(ii)Promote voluntary compliance;
(iii)Set clear objectives and standards of intervention for insurance/reinsurance companies and intermediaries or type of intervention;
(iv)Protect consumers and promote high degree of security for policyholders;
(v)Promote efficient, fair, safe and stable markets;
(vi)Maintain the confidence of consumers in the market;
(vii)Ensure insurance/reinsurance companies and intermediaries remain operationally viable and solvent; and
(viii)Establish a transparent basis for timely, appropriate and consistent supervisory intervention, including enforcement
Insurance Regulatory Authority (IRA) Jobs in Kenya
Job Specifications
The duties and responsibilities will entail:
Managing the process of formulation and ensuring implementation of minimum requirements in relation to capital, governance and
Job Specifications
Duties and responsibilities at this level will entail:
Overseeing and coordinating the development and implementation of the strategy and roadmap for the Cybersecurity depa
Job Specifications
Duties and responsibilities at this level will entail:
Providing board secretarial services under the direction of the Corporation Secretary.
Providing technical leadersh
Job Specifications
Duties and responsibilities at this level will entail:
Providing board secretarial services under the direction of the Corporation Secretary.
Providing technical leadersh
Job Specifications
The duties and responsibilities will entail:
Formulating requirements and practices to be followed for compliance and governance in the insurance industry.
Reviewing reco
Job Specifications
The duties and responsibilities will entail:
Monitoring and implementing risk-profiling framework.
Monitoring implementation of minimum requirements in relation to capita
Job Specifications
The duties and responsibilities entail:
Collecting, cleaning and checking for completeness of data for use in various analysis.
Conducting preliminary assessment on
Job Specifications
The duties and responsibilities will entail:
Implementing the annual AML/CFT/CPF supervisory action plan for the individual reporting institutions.
Conducting ML, TF and
Job Specifications
Duties and responsibilities will entail:
Continuously review the data base of reporting institutions and ensure it is in line with the list maintained by FRC.
Analysing d
Job Specifications
The duties and responsibilities entail:
Creating a database of the reporting institutions in the industry and ensure that it is accurate and up to date.
Participatin
Job Specifications
Duties and responsibilities at this level will entail:
Supervising implementation, compliance monitoring, and quality assurance of approved cybersecurity policies, strategi
Job Specifications
Duties and responsibilities at this level will entail:
Coordinating implementation and periodic review of approved cybersecurity policies and standards.
Coordinating cybe
Job Specifications
Duties and responsibilities at this level will entail:
Developing and implementing policies, strategies, and standards for insurance industry Cybersecurity framework.
Res
Job Specifications
Duties and responsibilities at this level will entail:
Assisting in the development and implementation of policies, strategies, and standards for insurance industry Cy
Job Specifications
Duties and responsibilities at this level will entail:
Registering complaints reported by policyholders and beneficiaries.
Attending to walk in customer enquiries an
Job Specifications
The duties and responsibilities will entail:
Preparing and issuing legal advice as necessary.
Ensuring efficient litigation management including drafting pleadings, atten
Job Specifications
The duties and responsibilities will entail:
Assisting in providing legal advice in assigned matters.
Assisting in drafting legislative proposals, concept papers, and leg
Job Specifications
The duties and responsibilities will entail:
Assisting in providing legal advice in assigned matters.
Assisting in representing the Authority in court, tribunals and in a
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