The proposed Insurance Professionals Bill, 2024, currently before the National Assembly, aims to provide a robust framework to regulate Kenya’s insurance professionals, elevating service standards and addressing concerns about misconduct in the sector. The Departmental Committee on Finance and National Planning, led by Hon. Kimani Kuria, heard submissions from industry stakeholders during deliberations on the Bill, with widespread support voiced for the proposed reforms.
One of the Bill’s central provisions is the creation of the Insurance Professionals Examinations Board, which will serve as the regulatory authority overseeing professional conduct in the industry. The Insurance Institute of Kenya will be empowered to register professionals, set standards, and ensure that only qualified individuals are allowed to practice in the sector.
Table 1: Key Provisions of the Insurance Professionals Bill, 2024
| Clause | Provision Summary |
|---|---|
| Clause 16 | Establishment of the Insurance Professionals Examinations Board as a corporate body |
| Clause 17 | Composition of the Examinations Board, with nine members, including representatives from the CUE, TVETA, AKI, and AIBK |
Stakeholders, including the Insurance Institute of East Africa, voiced concerns about restricting the profession solely to those with formal academic certificates in insurance. They called for the Recognition of Prior Learning (RPL) to be included in the Bill, allowing experienced practitioners to qualify without necessarily returning to formal education. Mr. Elijah Mogere, representing the Institute, argued that many experienced professionals with years of industry experience should not be forced to repeat academic courses on knowledge they already possess.
The Bancassurance Association of Kenya also highlighted the importance of integrating more industry stakeholders in the Examination Board. The Association recommended that the headquarters of the Insurance Institute of Kenya be located at the College of Insurance, given its role in training and professional development.
Ms. Catherine Wahome, President of Kenyan Women in Insurance, provided a gendered perspective on the Bill’s potential impact, stressing that it would ensure that women professionals are empowered through mentorship and proper certification. She emphasized that insurance penetration in Kenya remains low, at under 3%, which is partly due to public mistrust driven by unregulated practitioners.
Table 2: Insurance Professionals by Gender Representation (2024)
| Gender | Professionals (%) |
|---|---|
| Male | 64% |
| Female | 36% |
Ms. Wahome expressed hope that the Bill’s passage would usher in a new era of professionalism in the insurance sector, promoting inclusivity and greater opportunities for women in the industry. She also highlighted that the establishment of professional standards could improve insurance penetration by reassuring the public about the reliability of insurance services.
Committee Chair Hon. Kimani Kuria echoed these sentiments, stressing that the insurance sector must be streamlined to rid it of unqualified players. He added that such reforms would not only benefit Kenya but could also position the country as a leader in insurance services within the East African Community (EAC). The Bill would enable Kenyan insurance professionals to compete effectively on a global stage by ensuring that they meet international standards.
As the Committee continues to engage stakeholders, it remains committed to making necessary amendments to the Bill before presenting its final report for debate in the National Assembly. If enacted, the Bill is expected to revolutionize the insurance sector, enhance service delivery, and rebuild public trust.
