Vodacom Insurance expands reinsurance license to Kenya
Fundi Tshazibana, CEO of the South African Reserve Bank's Prudential Authority, has varied the licensing conditions for Vodacom Insurance Company Limited. This allows the company to conduct reinsurance business in Kenya.
Kenya added to reinsurance scope
Fundi Tshazibana, Chief Executive Officer of the South African Reserve Bank's Prudential Authority, issued a notice varying the licensing conditions for Vodacom Insurance Company Limited.
This action, taken under specific sections of the Financial Sector Regulation Act and the Insurance Act of 2017, expands the company's operational scope.
Vodacom Insurance is now permitted to conduct reinsurance business in Kenya, covering both proportional and non-proportional sub-classes, as detailed in Annexure A.
Beyond property and legal expense
The variation permits Vodacom Insurance Company Limited to conduct non-life insurance business in the newly approved classes.
Previously, the company was licensed for Class 2 (Property) and Class 9 (Legal Expense), both with Personal and Commercial Lines.
The addition of Class 17 (Reinsurance) for Kenya significantly broadens its offerings, allowing for both proportional and non-proportional reinsurance activities in that jurisdiction.
All operations must adhere strictly to these specified classes and sub-classes.