By
Patrick Alushula
Business Reporter
Nation Media Group
Seven insurance firms are facing regulatory fines for missing deadlines to submit records of their business performance, including premiums received and claims paid out.
The latest disclosures highlight persistent compliance gaps in the sector, where 33 insurers were fined Sh80.21 million in 2024 for breaches, including missed reporting deadlines for either...
By
Patrick Alushula
Business Reporter
Nation Media Group
Seven insurance firms are facing regulatory fines for missing deadlines to submit records of their business performance, including premiums received and claims paid out.

'Timely reporting is key because insurance supervision relies on current data to detect risks early.'

Fraud remains one of the most persistent and expensive challenges. According to the Insurance Fraud Investigation Unit, 184 cases…

IRA data shows that deposit administration and investments contributed 63 percent of the overall growth in long-term business,…

The Prudential Authority imposed more than R115 million in penalties on banks, insurers and other financial institutions as it…

Nigerian insurers face a strict July 31 deadline for recapitalisation, needing N132bn to meet new capital rules amid a…

RBI warns rising commissions in private insurance increase mis-selling risks; IRDAI to introduce new regulations soon.