KBA sues regulator over 'illegal' bancassurance fee ban

Kenya Bankers Association has sued the Insurance Regulatory Authority over what it terms an illegal bancassurance fee charged to insurance companies...

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The Kenya Bankers Association (KBA) is suing the Insurance Regulatory Authority (IRA) in the High Court over a directive that declared service-based fees paid by insurers to their bank intermediaries as illegal.

The dispute centers on the IRA's circular last year, which mandates that all premiums be remitted to insurers in full, without deductions for commissions and other service fees.
The KBA, representing over 24 registered bancassurances, argues this ruling will disrupt the bancassurance sub-sector, which contributes approximately Sh35 billion to gross written premiums annually.
The association's CEO, Raimond Molenje, stated that attempts to resolve the issue with the IRA have been unsuccessful.

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