KENYAN SAVINGS & LOANS TO BE ALLOWED TO SELL INSURANCE

Kenya's insurance regulator has announced that Savings & Credit cooperative societies – known locally as Saccos – are to be allowed to sell insurance. Sammy Makove, CEO of the Kenyan Insurance Regulation Authority (IRA) said that "we have planned a meeting with the Saccos regulator in the next two weeks to find how we can implement this measure". Current insurance law in Kenya does not permit commercial banks or Saccos to act as sales agents for insurers. Saccos customers are typically of lower income than banking customers. Mr Makove said that "our key message is that insurance is an integral part of the social system and we shall undertake reforms required to ensure that the industry meets these objectives".