Practitioners in the insurance sector could soon operate under new regulations that will among other things, stipulate minimum education qualifications.
Insurance Institute of Kenya (IIK) director Caroline Munene said the institute, which is the umbrella body for insurance professionals, wants to be recognised under law as the sole body conferring membership and regulating standards for practitioners in the industry.
The move is expected to put insurance professionals in the same league as doctors, lawyers, architects, and engineers who operate under a code of practice.
The introduction of such a code would be crucial in stemming rising cases of fraud and other malpractices in the industry.
If the institute is granted its wish, it will also be able to operate as the local substitute to foreign professional bodies by setting its own curriculum and conducting its own examinations.
Currently, IIK is not recognised under statute of charter. Munene said lack of recognition has been limiting the powers of the institute in its quest for growth.
“Our quest for accreditation is part of our strategy to increase effectiveness and efficiency in fulfillment of our mandate,” she said during the 30th Annual Insurance Conference.
Insurance Regulation Authority (IRA) chief executive officer Sammy Makove urged Kenyans to take up insurance cover to forestall unforeseen emergencies.
“There are several products in the insurance market in Kenya that can take care of the needs of individuals, institutions or businesses to avoid any setbacks in case of misfortunes,” he said.
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