The Insurance Regulatory Authority (IRA) has struck 20 brokerage firms off the industry’s register, citing non-compliance with statutory regulations. These firms are barred from conducting insurance transactions as of June 30, 2025.
“The Insurance Regulatory Authority (IRA) hereby notifies the public of the de-registration of twenty insurance brokers under Section 196 of the Insurance Act,” read the notice.
In line with regulatory requirements, such action must be promptly communicated to the Commissioner of Insurance and shared publicly. The announcement, delivered via a public notice on July 18, is an enforcement of Section 196(A) of the Insurance Act.
The provision empowers IRA to deregister any brokers deemed non-compliant or in breach of operational guidelines.
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Among the firms listed in the notice are African Continent Insurance Limited, Andalus Insurance Brokers Limited, Allied Insurance Brokers Limited, Alpha-Levits Insurance Brokers Limited, Arkchoice Insurance Brokers Limited, and Berkeley Insurance Brokers Limited.
Others include Masumali Meghji Insurance Brokers Limited, Nexus Insurance Brokers Limited, Online Insurance Brokers Limited, Real Alliance Insurance Brokers Limited, Solian Insurance Brokers Limited, and Swinton Insurance Brokers Limited.
While no specific violations were disclosed, common compliance failures in such cases include unremitted premiums, expired licenses, or falling short of capital requirements. In some instances, structural shifts like mergers or closures also lead to deregistration.
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“The affected brokers have ceased all insurance-related business as per the provisions of Section 196,” the notice affirmed, reinforcing IRA’s zero-tolerance stance on regulatory breaches.
This deregistration underscores IRA’s ongoing campaign to sanitize the insurance sector by ensuring firms operate transparently and within legal bounds. It also serves as a public alert, reaffirming the Authority’s commitment to accountability and consumer protection.
By Masaki Enock
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