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
REF: SCCAO/19
The position is responsible for providing professional and efficient front office services to uphold corporate image of the Authority.
Job Specifications:
Duties and responsibil
REF: EOA/18
The position will be deployed in Office of Commissioner of Insurance & Chief Executive Officer and shall be responsible for enquiries; providing secretarial services in a given offi
REF: AMSCM 17
The position is responsible for the operations management of the Supply Chain Management function. Advising the user department on the best procurement practices while ensuring there
REF: AMS/16
The position is responsible for monitoring and reporting on the risk profiles of insurers on an ongoing basis to ensure that insurers are financially sound and stable.
Job specificat
REF: AMF/15
The role is responsible for effective safeguarding of utilisation of financial resources of the Authority. The position is responsible for ensuring that the Authority meets it financial
REF: AMRI/14
The job holder will participate developing and managing research and innovation activities and programs that promote research and innovation in IRA.
Specifications
The duties and r
REF: AMFA/13
Assessing and monitoring the financial condition of insurers, conducting macro- prudential surveillance, data analytics, reporting and publication with the aim of protecting policyhold
REF: MCC/12
The position is responsible for establishing and maintaining IRA’s positive reputation and brand image through effective corporate communication strategies and practices, med
REF: MI/11
The position is responsible for coordinating the supervision of insurance intermediaries and service providers on an ongoing basis to ensure that the risks they pose are effectively mana
REF: MF/10
The position is responsible for implementing strategies aimed at prudent management of the Authority’s financial resources through planning, financial management and cont
REF: MCE/09
The position is responsible for managing the process of creation awareness and enhancing understanding of insurance concepts by providing information and objective advice to stakeholder
REF: MICT/08
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 manageme
REF: MPS/07
Job Purpose
The position will be responsible for coordinating the Authority’s strategic planning and implementation, based on a sound assessment of insurance industry tren
REF: MRI/06
Job Purpose
The position is responsible for generating knowledge and information to inform policy and decision making through research and innovation. The position will support in fo
REF: MAS/04
Job purpose
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
REF: MS/03
Job purpose
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 ot
REF: MIA/02
Job Purpose
The position is responsible for managing implementation of an internal audit strategy that provides independent and objective assurance on the effectiveness of the Author