Awasome How To Start An Insurance Agency In Kenya Ideas. We also decided to offer web design since we had a background in information technology. The company helps you protect your life and business from the unexpected.
This was even harder because clients were hard to come by. The authority is guided by the insurance act. Prepare a detailed cost analysis.
Once You Have The Serious Tasks Of Developing A Business Plan And Choosing Your Structure Out Of The Way, You Can Have A Little Fun.
Registration fee of ksh 150,000 for insurance companies and ksh 250,000 for reinsurers payable to the insurance regulatory authority. Apply for a license from the fsb. This is so because one of the challenges insurance companies usually face is the inability to pay claims.
Certified Copy Of The Certificate Of Incorporation Of The Company.
In case of corporate agent the following also be required a certified copy of the certificate of registration of business name reflecting the kind of business that applied for or a certificate incorporation. Certified copy of the articles and memorandum of association of the company. She attended a computer packages college.
Establishing A Legal Business Entity Such As An Llc Or Corporation Protects You From Being Held Personally Liable If Your Insurance Agency Is Sued.
The amount you will need might range from as little as $5,000 to $50,000 or more, depending factors such as where you’re located and how you plan to operate your business. Certified copy of the certificate of incorporation of the company. So, in order to cub this challenge, anyone looking towards starting an insurance company must meet the set financial requirement / capitalization.
The Insurance Regulatory Authority Is A Statutory Government Agency Established Under The Insurance Act (Amendment) 2006, Cap 487 Of The Laws Of Kenya To Regulate, Supervise And Develop The Insurance Industry.
While starting an agency can be hard, with the right tools and processes, things get much simpler. We finally closed down in february 2009, and i joined an insurance company as an insurance sales agent on. The most common business structure types are the sole proprietorship, partnership, limited liability company (llc), and corporation.
250,000 For Reinsurers Payable To The Insurance Regulatory Authority.
We pumped most of our savings into the business to keep it going, but it was in vain. Registration fee ksh 10,000 payable to the insurance regulatory authority. Whether you run your agency remotely or from an office space, using the right workplace software can streamline your business operations to boost your profit margins.