The Insurance Regulatory Authority (IRA) has signed a Memorandum of Understanding (MoU) with the Advocates Complaints Commission (ACC) in a move to bolster consumer protection and enhance transparency in the process of settlement of accident claims.
The MoU which was signed yesterday at IRA offices in Nairobi, formalizes the existing collaborative efforts between IRA and ACC to address concerns related to increased complaints against advocates, particularly in the settlement of insurance compensation claims.
The partnership establishes a framework for regular information exchange, capacity building and collaborative policy development to expedite resolution of insurance claims by policyholders.
A significant number of complaints lodged with ACC involve withholding of compensation by Advocates from settled insurance claims.
Commenting on the significance of the signing, the Commissioner of Insurance and the Authority’s CEO Godfrey K. Kiptum, said they are committed to addressing any gaps that allow for the exploitation of policy holders and ensuring that justice is served.
“This partnership is a critical step in our ongoing efforts to ensure that the insurance industry operates with the highest levels of integrity and accountability” said Kiptum
Further, Kiptum noted that through this partnership, IRA will play a vital role in ensuring full cooperation from insurance companies, as it aims to strengthen transparency and fair treatment of insurance policy holders and claimants.
On his part, Chairman of the Advocates Complaints Commission Moses K. Cheboi said the cooperation of the Authority is crucial in the mission to uphold the standards of the legal profession
“This MoU provides us with the necessary tools and support to effectively investigate and resolve complaints, particularly those involving the remittance of insurance compensation by advocates” said Cheboi.
He further said ACC can now formally request IRA intervention in cases where the insurers are uncooperative and they are looking forward to fruitful collaboration that will ultimately benefit the public.
By Anita Omwenga
