Insurance regulatory authority launches online regulatory platform
The Insurance regulatory authority has launched an online regulatory platform in efforts to streamline the insurance sector. The electronic regulatory system will facilitate submission of data by insurance companies, agents and brokers to enhance the supervision and regulation of the industry. The Ers system builds on the Ira’s move to a risk based supervision model employed by other financial regulators such as the central bank and the capital markets authority. With Ers, it is expected that the time taken to generate industry reports will be reduced by more than half the time it has been taking. This system is expected to offer convenience and ensure efficiency and accuracy in the returns received from regulated entities. Kenya is the third country in africa behind Namibia and Ghana to adopt the system that will gurantee faster licencing and authorisation as well as off and onsite supervision, as the regulator cracks down on fradulent activity in the sector.