, NAIROBI, Kenya, Jan 8- The Insurance Regulatory Authority (IRA) has launched an Electronic Regulatory System (ERS) to manage its formal communication with insurance companies.
The ERS is a web based system that will enable insurance firms to log into the system using a portal, complete and submit all required returns online.
Previously, the firms were submitting a lot of data and information manually which was too cumbersome and error prone.
Firms will upload their data either monthly, quarterly, biannually and annually automatically from the IRA website.
In addition, the entities will access information held by the regulator about their organisations and keep themselves up to date.
The IRA Commissioner of Insurance, Sammy Makove said the new system will reduce time taken to prepare data outputs and analysis which has been a major challenge to the authority.
Makove said on the other hand, online submission will enable the authority achieve green technology by decreasing reliance on paper submission.
The system is also aimed at improving data depth, consistency, quality and accessibility.
“This will enable the authority achieve its dynamic model of supervision that is in line with international standards,” Makove noted. “The dynamic model also known as Risk Based Supervision will improve efficiency and effectiveness in regulation enhancing financial stability of the industry.”
The acquisition of the Electronic Regulatory System was done through the support of the World Bank Support Programme.
“This system is expected to offer convenience and ensure efficiency and accuracy in the returns received from insurance companies. This is a paradigm shift where the authority is moving into a new era of digital and we do away with manual submission,” Makove said.