The Insurance Regulatory Authority (IRA) has deregistered 20 insurance brokerage firms, barring them from conducting any further business in the country.
In a notice dated Friday, July 18, the Authority announced that the delisted companies ceased to conduct insurance activities effective June 30, this year.
Among the listed brokers 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 Bilan Insurance Brokers Limited, Blossom Insurance Brokers Limited, Fides Insurance Brokers Limited, Harbinger Insurance Brokers Limited, Homeland Insurance Brokers Limited, Ibsa Insurance Brokers Limited, and Khushal Insurance Brokers Limited.
The regulator also deregistered 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.
According to the Insurance Regulatory Authority (IRA), the brokerage firms were deregistered in line with Section 196(A) of the Insurance Act, which mandates transparency and accountability in the deregistration of insurance brokers.
The Act further requires that an insurance entity notify the Commissioner of Insurance whenever its registration is cancelled, whether voluntarily or otherwise.
However, in its notice, the Insurance regulator did not disclose the main reason behind the termination of the operating licence of the 20 insurance brokers.
“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 part of the notice.
“Under Section 196 of the Insurance Act, the insurance brokers whose names appear below have ceased transacting insurance business with effect from June 30, 2025,” the notice added.
Insurance brokers may be deregistered for various reasons, with the most common being non-compliance with the Insurance Act. Other factors include inadequate capital, mergers, or acquisitions.
Specifically, non-compliance may involve failure to remit premiums, not meeting license renewal conditions, or breaching statutory requirements as outlined in the law.
