Fines against 17 Kenyan insurers and 15 brokers

The Insurance Regulatory Authority (IRA) has imposed a fine totaling 31.7 million KES (243 190 USD) on 17 insurers and 15 brokers operating in Kenya, for failure to comply with minimum capital requirements.

The companies fined by the IRA include GA Life, CIC Life, Madison Group, Directline Insurance, Invesco Insurance, Monarch Insurance, Kenya Alliance, Kenya Orient and Occidental.