The Retirement Benefits Authority (RBA) on Tuesday, March 21, published the names of 30 insurance companies that were authorised to offer retirement benefits services to Kenyans.
In the list, the government agency listed APA Life Assurance Limited, Britam Life Assurance Company Kenya Limited, Chancery Wright Insurance Brokers Limited, CIC Life Assurance Limited and CPF Financial Services Limited as some of the companies cleared to offer the services.
The Jubilee Insurance Company of Kenya Limited, the Kenyan Alliance Insurance Company Limited, the Monarch Insurance Company Limited, UAP Life Assurance Limited and Zamara Actuaries Administrators & Consultants Limited were also included in the list.
Other companies included in the list of 30 were Eagle Africa Insurance Brokers Kenya Limited, Enwealth Financial Services Limited, and Equity Life Assurance Kenya Limited.
ICEA Lion Trust Company Limited, Kenindia Assurance Company Limited, Kenya Orient Life Assurance Limited and Kingsland Court Benefits Services Limited were also issued with licences.
"Pursuant to the provisions of Sections 22 (3) and 29 (2) of the Retirement Benefits Act, the Authority would like to bring to the attention of the Retirement Benefits Industry, the list of the registered Administrators, Custodians and Managers as of February 23," read the notice in part.
"They include Liberty Life Assurance Kenya Limited, Madison Insurance Company Kenya Limited, Minet Kenya Financial Services Limited, Mwavuli Administrators Limited, Octagon Pension Services Limited, Pacific Insurance Brokers (EA) Limited," read the notice in part.
Pioneer Assurance Company Limited, Roberts Insurance Brokers Limited, Sanlam Life Insurance Limited, Sapon Insurance Brokers Limited, Sedgwick Kenya Insurance Brokers Ltd, the Jubilee Insurance Company of Kenya Limited, the Kenyan Alliance Insurance Company Limited and KUSCCO Mutual Assurance Limited were also licensed.
Liaison Financial Services Limited, Monarch Insurance Company Limited and Liaison Financial Services Limited were also licensed to operate in the country.
On the other hand, RBA also announced that only 14 banks were authorised to operate as custodians in the retirement benefits industry. A total of 32 banks operate in the country today.
The financial institutions that were licensed were the Co-operative Bank of Kenya, NCBA Bank, KCB, Equity, Bank of Africa Kenya Limited, Family Bank, HFC Limited, I & M Bank and the National Bank of Kenya.
Prime Bank, SBM Bank, Sidan Bank, Stanbic Bank, and Standard Chartered Bank were also included in the list.
RBA is a regulatory body that is mandated to regulate the establishment and management of retirement benefits schemes.
The body also implements government directives in the industry including protecting Kenyans who contribute part of their salaries to various instance companies.
Part of the regulations is to ensure that Kenyans do not lose their money to rogue companies that may not be registered in the country.
Consequently, the retirement schemes were also directed to submit their financial records to the authority.
"Schemes whose financial year ended on December 31, 2022, should submit their financial statements by March 31, 2023, and pay the required levy by April 30, 2023, without fail.
"Where levy is paid through RTGS, please provide the scheme details including the amount of levy paid, scheme name, and registration number to the authority," read the directive in part.
