The Insurance Regulatory Authority (IRA) has officially deregistered 20 insurance brokerage companies, preventing them from operating in the country any further.
In a public notice dated Friday, July 18, the authority confirmed that these firms stopped offering insurance services effective June 30, 2025.
Some of the affected companies include 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.
Other names on the list are 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.
Also affected are 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.
The deregistration was done in accordance with Section 196(A) of the Insurance Act, which governs how insurance companies and brokers should operate, and ensures that transparency and accountability are followed when cancelling a firm’s registration.
The Act also demands that once an insurance company or broker is deregistered—either voluntarily or by force—the Commissioner of Insurance must be notified.
Even though the IRA confirmed the deregistration, it did not explain exactly why the licenses were withdrawn.
However, based on industry standards, firms may be deregistered for reasons such as failing to meet legal obligations, not renewing their licenses on time, not remitting premiums collected from clients, or not having enough capital to operate. Mergers or acquisitions can also lead to deregistration.
“The Insurance Regulatory Authority (IRA) hereby notifies the public of the de-registration of twenty insurance brokers under Section 196 of the Insurance Act,” the notice read. “These insurance brokers have ceased transacting insurance business with effect from June 30, 2025.”
The announcement serves as a warning to industry players to adhere strictly to the laws and standards set out in the Insurance Act to avoid losing their operational licenses.
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