The Insurance Regulatory Authority (IRA) has said it does not recognise the services of Atlas Life Insurance, a foreign insurance company that has been selling life insurance products in the Kenyan market without a license.
“This is to notify the public that in line with section 20 of the insurance act it is illegal to buy insurance products from an insurer not licensed under the act. Any person soliciting insurance business in the name of the said foreign insurer should be reported to the authority for appropriate action,” the Commissioner of Insurance Regulatory Authority said in a public notice.
From its website, Atlas Life Insurance describes itself as a company established in 2012 and regulated by the Seychelles Financial Services Authority as a long term life insurance company.
“We reinsure all our policyholder risk with Swiss Re and Reinsurance Group of America, two of the largest reinsurers in the world and we utilise their financial strength and global stability to provide our clients with complete peace of mind at all times,” the firm says, “Our reinsurance treaties allow us to provide life insurance solutions to private individuals, families and businesses and we also provide a range of additional benefits including Critical Illness and Disability.”
Last year, the IRA placed Xplico Insurance under statutory management and appointed the Policyholders Compensation Fund (PCF) as the Statutory Manager for Xplico Insurance Company Limited. The regulator also appointed a Provisional Liquidator of Invesco Assurance Company Limited.
IRA places Xplico under statotory management (kenyanwallstreet.com)
