Fourteen insurance brokers risk de-registration for holding onto premiums running into billions of shillings. The firms have failed to respond to inquiries from the Insurance Regulatory Authority (IRA) on the pending payments.
The insurance market is expecting a wave of mergers and acquisitions in the insurance broking sector, following the suspension of new broking licences for a year.
Dubai-based Felix, an insurance e-commerce and automation platform for insurance brokers, has closed an $800,000 seed round led by a Saudi Arabian investor with participation from the Oman Technology Fund.
Brokerslink has announced a further expansion of its footprint in Africa with Tunisian insurance and reinsurance brokerage Kare Kamoun becoming the latest affiliate to join the global broking business.
Expectations are that insurance companies will have to start disclosing in insurance policies the commissions payable by them to intermediaries in September, insurance industry sources say.
The Financial Regulatory Authority (FRA) has approved a 12-month moratorium on the issuance of new licences for insurance and reinsurance brokers, according to FRA chairperson Dr Mohamed Omran.
EC3 Brokers MEA has partnered with the Dubai International Financial Centre Authority (DIFCA) to establish a group health scheme that facilitates the development of a cost-effective health insurance programme for companies operating within the DIFC.
Price Forbes executive director Alex Gilmore has been appointed chairman of Worldwide Broker Network.
FinTech company GoBear has raised fresh funds of $17m from Dutch venture capital firm Walvis Participaties, as well as Aegon, a provider of life insurance, pensions and asset management.
CBIRC has released two sets of new rules governing insurance agents and intermediaries, that among other measures, introduce the rating of agents' sales capabilities.