Kenya’s Insurance Regulatory Authority (IRA) has gone digital with the launch of an online portal that will streamline and manage transactions and businesses in the sector.
The system – dubbed the Electronic Regulatory System (ERS) – will facilitate submission of data by insurance companies, agents and brokers to enhance the supervision and regulation of the industry.
The ERS web-based system will enable insurance firms to log into the system through the http://www.online.ira.go.ke/ portal, where they can complete and submit all required returns online.
Sammy Makove, IRA commissioner of insurance, said the system is aimed at improving data depth, consistency, quality and accessibility, and will reduce the time taken to prepare data outputs and analysis.
“This will enable the authority achieve its dynamic model of supervision that is in line with international standards,” Makove said.
“The dynamic model also known as Risk Based Supervision will improve efficiency and effectiveness in regulation enhancing financial stability of the industry.”
This system is expected to generate convenience and ensure efficiency and accuracy in the returns received from regulated entities.
“This system is expected to offer convenience and ensure efficiency and accuracy in the returns received from insurance companies. This is a paradigm shift where the authority is moving into a new era of digital and we do away with manual submission,” Makove said.
Kenya is the third country in Africa after Namibia and Ghana to adopt the system.
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