An insurance broker sells, solicits, or negotiates insurance policies for compensation. A reinsurance broker is acts as an intermediary between an insurance company and a reinsurance company. Medical Insurance Providers (MIPs) cover the whole or a part of the risk of a person incurring medical expenses. The Insurance Regulatory Authority (IRA) is a statutory government agency that regulates, supervises and develops the insurance industry.
IRA also mandated to register new insurance brokers, reinsurance brokers and medical insurance providers in Kenya. The registration requirements for insurance brokers, reinsurance brokers and medical insurance providers are detailed in Section 150 to section 156 of the Insurance Act Cap 487 of the Laws of Kenya and include the following.
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