The Insurance Regulatory Authority (IRA) says it has rejected approval requests from several microinsurance firms because their products do not meet the threshold set for the low-income population.
The regulator says some of the providers are simply unbundling already approved conventional products and repackaging them as micro, which negates the sole basis of the 2020 regulations.
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The Insurance Regulatory Authority (IRA) says it has rejected approval requests from several microinsurance firms because their products do not meet the threshold set for the low-income population.
By Graham Kajilwa