1. NAME SEARCH
a) Do a name search which takes about 3days and costs KES 100.
b) Obtain a name approval letter.
2. WRITING THE COMPANY PROPOSAL TO INSURANCE REGULATORY AUTHORITY(IRA)
a) Write a company proposal and submit to IRA for approval to register the company. The process takes 14 days to obtain a feedback.
3. REGISTRATION OF A LIMITED COMPANY
a) Preparation of memorandum and articles of association (MEMARTS).
b) Payment of stamp duty.
c) Filing documents for registration with the registrar of companies
d) Issuing of the certificate of incorporation.
4. SUBMITTING APPLICATION FORM AND DOCUMENTS AT INSURANCE REGULATORY AUTHORITY(IRA)FOR FILING:
Download an application form from IRA website and fill in the details, submit to IRA with the following documents:
a) A copy of MEMARTS(Memorandum and Articles of Association.
b) A certified copy of the certificate of incorporation of the company.
c) A certified copy of the published prospectus.
d) Particulars of shareholders/ directors.
e) A statement of all classes of business the proposer intends to transact.
f) A copy of each of the proposal and the policy forms, endorsements and any form of written matter describing the terms or conditions of or the benefits to or likely to be derived from policies or intended to be used by the applicant;
g) Statements of the premium rates, advantages and terms and conditions to be offered in connection with insurance policies and details of the bases and formulae from which those rates have been calculated together with a certificate in connection with long-term insurance business by an actuary that such rates, advantages, terms and conditions are sound and workable;
h) Such proposals as to the manner in which it proposes to carry on business and such financial forecasts and other documents and information, if any, as may be prescribed.
i) A detailed statement of assets and liability in Kenya at the date of application;
j) A certificate from the central bank of Kenya specifying the amounts and details of deposits under section 32 made by the applicant
k) Certified copies of reinsurance contracts;
l) A description of all reserves made by the insurer with detailed descriptions of the method, basis and formula for calculating each of the reserves.
COST OF SERVICE;
a. Government fees
b. Government fees
c. Professional fees
– Lawyers, for drafting and stamping of memorandum and articles of association KES 30000
– Certified Public Secretary Stamp for Form 203: KES.2000
– Commissioners of Oaths, KES 1000
– Auditors as negotiated
d. facilitation fees
Name search…………KES 200
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