Insurance Regulatory Authority and Advocates Complaints Commission Sign MoU to Enhance Efficiency.

From left to right: Peter E. Nyagah, Commissioner ACC, Hon. Moses K. Cheboi, Chairman ACC, George Nyakundi, Commission Secretary/ CEO ACC, Godfrey Kiptum, Commissioner of Insurance and CEO IRA, Mueni Kalola, Commissioner ACC, FCS Diana Sawe Tanui, Corporation Secretary and Director Legal Services IRA and Patrick Maina Muriuki, after signing of the MoU between the two organizations on 26th August 2024.

By MAXIMILLA WAFULA & PATRICK KIMANZI 

The County diary News 

Business Reporter 

Nairobi, Kenya - 26th August 2024 – In a landmark decision aimed at strengthening consumer protection and improving transparency, the Insurance Regulatory Authority (IRA) and the Advocates Complaints Commission (ACC) have today signed a Memorandum of Understanding (MoU). This agreement formalizes their collaboration to address rising concerns related to the settlement of accident claims by insurance companies and advocates.

A significant issue has been the increasing number of complaints lodged with the ACC concerning the withholding of compensation by advocates from settled insurance claims. The ACC has encountered difficulties in obtaining necessary information from insurance companies, which has hampered its ability to investigate and resolve these complaints effectively.

Under the new MoU, the IRA will facilitate greater cooperation from insurance companies to ensure transparency and fair treatment of policyholders and claimants. The MoU establishes a framework for regular information exchange, capacity building, and collaborative policy development, aimed at enhancing consumer protection.

The ACC will now be able to formally request IRA's intervention in cases where insurance companies are uncooperative. This partnership marks a significant step toward addressing the gaps in the current system and ensuring that justice is served.

Mr. Godfrey K. Kiptum, Commissioner of Insurance and CEO of IRA, emphasized the importance of this partnership: "This collaboration is a crucial advancement in our efforts to uphold the highest standards of integrity and accountability in the insurance industry. By working closely with the ACC, we aim to close any gaps that could lead to the exploitation of policyholders."

Hon. Moses K. Cheboi, Chairman of the Advocates Complaints Commission, also highlighted the value of the MoU: "The cooperation of the IRA is essential for us to maintain the standards of the legal profession. This MoU equips us with the tools and support needed to investigate and resolve complaints, particularly those involving the remittance of insurance compensation. We anticipate a productive collaboration that will ultimately benefit the public."