on August 24, 2014 by admin in Insurance Industry, Comments (0)

Insurance industry regulator blacklists 22 companies

Last updated on 24 Aug 2014 11:48

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Kenya: The Insurance Regulatory Authority (IRA) has blacklisted 22 companies that are involved in the insurance-related businesses.

The companies, ranging from motor assessors, investigators, loss adjusters and risk managers have failed to secure registration under the Insurance Act.

As such, they are not allowed to undertake any kind of insurance-related business with effect from January 31 this year, according to the IRA Chief Executive Officer Sammy Makove in a notice dated August 15.

Out of these, 10 motor assessors have been banned from conducting any business as from January.

Allied Assessors Limited, Auto Solutions Valuers and Assessors, Autoscope Motor Assessors and Valuers, M. Gohil, Marionette Technical Valuers and Assessors, Morrison and Associates Motor Assessors, Newday Auto Assessors and Valuers, Telenodech Auto Valuers and Assessors, Timing Auto Assessors and Vanguard have been prohibited from motor assessing business.

The firms are appointed by insurance companies to assess motor vehicles before the insurer can underwrite and insure them.

“It is notified for the general information of the public that motor assessors....have failed to secure registration under the Insurance Act,” says Makove. “The motor assessors are not allowed to carry on, transact, do, or handle any new or old business with effect from January 31, 2014.”

The industry regulator has also banned 10 insurance investigators. These firms investigate losses on behalf of insurers after they have occurred.

Those that have been barred are Abalone Insurance Investigators Services, Aradon and Associates, Integrity Loss Assessors and Adjusters, Intertrace Insurance Investigators and Assessors Company, Mudkev Insurance Investigators, Sareto Security and Insurance Investigators, Sonico Engineering, Top Assessors and Investigators, Wall Street Insurance Investigators and Warec Insurance Investigators.

IRA has also blacklisted Allied Assessors Limited from undertaking loss-adjusting functions on behalf of insurance companies.

Loss adjusters are specialised in adjusting loss amounts on behalf of the insurance companies.

Makove further said one risk manager has been blacklisted as from January this year. He said Proactive Risk Solutions is not registered under the Insurance Act.

Minimising losses

In the insurance industry, risk managers are appointed by insurers to provide advice on loss prevention mechanisms. According to IRA, their advice enables insurers to set terms, conditions and warranties in the policy that must be observed by the insured to minimise loss.

According to the insurance industry report for the year ended December 31, 2013, while the number of insurance fraud cases reduced by more than half last year, the number of firms operating without registration rose from one in 2012 to five last year.

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Article source: http://www.standardmedia.co.ke/business/article/2000132486/insurance-industry-regulator-blacklists-22-companies

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