Seychelles’ FSA teams up with Kenya’s insurance authority |06 September 2017

The Seychelles Financial Services Authority will now be better equipped to deliver a much better service after joining forces with the Insurance Regulatory Authority of Kenya.

This follows the signing of a memorandum of understating (MoU) between Seychelles Financial Services Authority (FSA) and Insurance Regulatory Authority of Kenya (IRAK) yesterday morning.

The FSA, which is the regulator for non-bank financial services in Seychelles, is responsible for the licensing, supervision and development of non-bank financial services industry of the Seychelles. The authority is also responsible for the registration of international business companies, foundations, limited partnerships and international trusts in Seychelles.

The MoU was signed by the chief executive (CEO) of FSA Jennifer Morel and the CEO of IRAK Godfrey Kiptum in a brief ceremony held at the FSA headquarters.

Mrs Morel stated that FSA needs good partnership to grow in terms of experience.

“Such MoU will allow FSA and IRAK to share and exchange information. It will also allow us to develop our industry and train our staff, as well as protect the policy holders and ensure their rights are protected,” she said.

Mr Kiptum pointed out that the MoU will help set up good training programmes for both companies.

“We are glad to have signed a MoU with the FSA, as both organisations have high standard. Together we will provide all the training we can offer and share our opinion on pertinent issues,” he said.

Also present to witness the signing were the chairman of FSA Suketu Patel and the chairperson of IRAK Abdirahin H. Abdi.