An Evaluation of the Role Played By the Insurance Regulatory Authority of Kenya in Promoting Governance of Insurance Industry in Kenya

Purpose: The main purpose of the study was to establish the role played by the Insurance Regulatory Authority of Kenya in the governance of insurance industry in Kenya.Methodology: The study utilized a descriptive survey research design. The target population comprised of all the 47 insurance companies in Kenya that are regulated by IRA. This study used stratified random sampling technique.The target population was stratified into the 2 strata (life insurance companies and non-life insurance companies). Further, random sampling was used to select 47 managers in the 47 insurance companies who reports to the CEO. The study used primary data which was largely quantitative and descriptive in nature. The study used a structured questionnaire to collect data. The 47 questionnaires were self-administered with the help of two research assistants. The questionnaires was administered through drop and pick method. A pilot study was undertaken on 10% of the sample population. The statistics generated included descriptive statistics and inferential statistics.Results: Result findings indicated that awareness creation role played by IRA and governance of the insurance industry have a positively and significant association, supervisory role played by IRA and governance of the insurance industry have a positively and significant association, capacity building/training role played by IRA were positively but insignificantly associated to governance of the insurance industry.Unique contribution to theory, practice and policy: The study will provide useful information with regard to the role played by the Insurance Regulatory Authority of Kenya in the governance of insurance industry. The groups which will benefit include; Insurance Regulatory Authority (IRA) Management, Government of Kenya, general Public and other Stakeholders of Insurance Regulatory Authority and other researchers.