IRA warns Kenyans of dealings with Atlas Life Insurance

The Insurance Regulatory Authority (IRA) has warned Kenyans of dealing with Atlas Life Insurance Company Limited.

The Authority notes its attention has been drawn to the activities of the entity which is not authorized to transact the insurance business in Kenya.

IRA has asked members of public to report to the Authority persons soliciting insurance business in the name of the flagged underwriter.

An online search of Atlas Life Insurance shows an entity going by the same name but with licensing limited to Seychelles.

The operation of an unlicensed insurance business falls under offenses of insurance fraud which attract a fine of 10 times the amount defrauded or intended to be defrauded or imprisonment for a term not exceeding five years or both.

Persons responsible for the loss of any monies, property, or assets shall also be liable for recovery in a civil suit according to provisions of the Insurance Act.