Insurance Broker Licence Fees and Charges in Kenya

An insurance broker acts as an independent intermediary between clients and insurers, providing advisory services and placing risks on behalf of the insured rather than the insurer. In Kenya, insurance brokers — including reinsurance brokers and medical insurance providers (MIPs) — must be licensed under Sections 150 to 156 of the Insurance Act, Cap. 487, and are subject to significantly more stringent requirements than agents, reflecting the fiduciary duty they owe to their clients.

Fees and Charges

Fee / Charge	Current Amount (KES)	Proposed Amount — Draft Regs 2025 (KES)
Registration / licence fee	10,000	100,000
Annual renewal fee	10,000	100,000

Capital and Financial Requirements

Requirement	Amount (KES)
Minimum paid-up share capital	1,000,000
Bank guarantee (or government bond)	3,000,000
Professional indemnity insurance (minimum)	10,000,000

The bank guarantee must be from a commercial bank in the IRA's prescribed format, or a government bond of at least two years' duration, held in favour of the Authority.

Structural and Qualifications Requirements

Requirement	Details
Kenyan citizen shareholding	At least 60%
Principal Officer qualification	Degree or diploma in insurance from a recognized institution
Principal Officer experience	Minimum 5 years in insurance business
CR-12 Form	Shareholding structure of the company
Business plan (new applicants)	3-year projection
Statement of business (renewals)	Form No. INS 151-1

Professional indemnity policies must expire on 31 December of the year of registration. The company name must comply with Section 190 of the Insurance Act, which prohibits names that could mislead the public into thinking the firm carries on insurance underwriting business. Regulated by the Insurance Regulatory Authority (IRA) under the Insurance Act, Cap. 487, Laws of Kenya.

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