The Insurance Regulatory Authority has cracked down on non-compliant players in the industry by deregistering 20 insurance brokerage firms, cutting them off from conducting any business in the country.

In a public notice dated Friday, July 18, the regulator announced that the affected companies stopped operating as of June 30, 2025, in accordance with Section 196 of the Insurance Act.

While the Authority did not reveal the exact reasons for the deregistration, the law allows such action in cases of non-compliance, including failure to meet licensing conditions, capital requirements, or breaches of statutory obligations.

“The Insurance Regulatory Authority (IRA) hereby notifies the public of the de-registration of twenty insurance brokers under Section 196 of the Insurance Act,” the statement said.

The delisted firms include African Continent Insurance Limited, Andalus Insurance Brokers Limited, Allied Insurance Brokers Limited, Alpha-Levits Insurance Brokers Limited, Arkchoice Insurance Brokers Limited, and Berkeley Insurance Brokers Limited.

Also struck off are Masumali Meghji Insurance Brokers Limited, Nexus Insurance Brokers Limited, Online Insurance Brokers Limited, Real Alliance Insurance Brokers Limited, Solian Insurance Brokers Limited, and Swinton Insurance Brokers Limited.

Under the Insurance Act, any firm whose registration is cancelled—whether through enforcement or voluntarily—is required to inform the Commissioner of Insurance, and the Authority is mandated to make such actions known to the public for accountability and transparency.

The Authority’s latest action points to an ongoing effort to strengthen oversight in the insurance industry by ensuring that only firms meeting legal and operational standards are allowed to operate.

Brokers may be deregistered for a variety of reasons. Common grounds include failure to remit collected premiums, not renewing operating licences, or undergoing mergers and restructuring that render continued registration unnecessary.

The regulator did not disclose whether any of these specific grounds applied in the current list of deregistered companies.