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 purpose
The position is responsible for implementing strategies aimed at prudent management of the Authority’s financial resources through planning, financial management and control, a
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The position is responsible for ensuring that insurers manage the risks they are exposed to and coordinating the supervision of insurance intermediaries and service providers on an o
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The position is responsible for ensuring that all the actuarial work is done accordance with the requirements of the Insurance Act including providing up to date reports upon analysis o
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To ensure efficient registration and exit from the market of insurers and ensure that the provisions of the Insurance Act, rules, regulations, guidelines, circulars and other dire
Job Purpose
The position is responsible for developing and implementing strategy, policies based on the IRA strategic plan and business needs to achieving quality performance and resource man
Job purpose
The position is responsible for the coordination of the development and implementation of administration policies and procedures in line with the Authority’s Corporate s
Job Purpose
The position is responsible for implementing the strategies aimed at maintaining IRA’s positive reputation and brand image through effective corporate communication practices, med
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The position is responsible for reviewing data collected for accuracy and completeness, analysis of data and preparation of reports.
Job Specifications
Duties and responsibilities
Job purpose
The job holder will keep and update human resource policies and guidelines aligned to corporate strategy to ensure effective human resource management programs such as staff training
Job purpose
The position is responsible for preliminary analysis, collecting, cleaning and checking completeness of data for use in various analysis.
Job Specifications
The duties and re
Job purpose
This position is responsible for the security of the Authority’s staff, assets, and offices and Implementation of appropriate and effective Security management policies and proced
Job Purpose
The job holder is responsible for implementing strategies aimed at enhancing and maintaining service delivery and customer experience for increased customer satisfaction and establis
Job purpose
The position is responsible for carrying out prudential supervision, licensing and enforcement to ensure financial soundness and proper governance of regulated entities.
Job Specific
Job purpose
The Office Administrators are responsible for enquiries; providing secretarial services in a given office, receiving and attending to clients. They shall be deployed in the Office of Di
Job purpose
The position is responsible for planning, advising, and directing human resources programs such as staff training and development, recruitment and selection, on boarding, reward managem
Job purpose
The position is responsible for providing professional and efficient front office services to uphold the corporate image of the Authority.
Job Specifications:
Duties and responsib
The Authority has collaborated with FSD Africa over the years to drive innovation through the BimaLab Africa Insurtech Accelerator Program. Since 2020, four cohorts have successfully completed the pro
Job Purpose
This position is responsible for the security of the Authority’s staff, assets, and offices, as well as the implementation of appropriate and effective security management policies
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