Regulatory Alerts2026-01-01
Insurance (Authorization and Operations of Bancassurance Agents) Directive, 2026
Issued by the Registrar of Financial Institutions on 20 February 2026, these directives establish comprehensive authorization frameworks and operational standards for bancassurance agents while mandating strict record-keeping protocols for securities market players. The bancassurance directive requires eligible financial institutions to obtain Registrar authorization through detailed applications, adhere to commission and disclosure rules, remit premiums within five days, and face administrative penalties of up to K50 million for non-compliance. Concurrently, the securities directive obligates brokers, dealers, and exchanges to maintain accurate, auditable financial and transaction records in English or electronic format for a minimum of seven years to ensure regulatory transparency.