Insurance Institute of Kenya (IIK) is poised to have a legal recognition once Insurance Professionals Bill, 2017 is signed into law.
Birian Akwir, a director at the institute, said the Bill will professionalise the sector that has been invaded by quacks.
Akwir said Kenyans have held the opinion that the sector is being run by fraudsters and it is time to streamline the industry.
The Bill also seeks to create an insurance disciplinary committee that will deal with misbehaving practitioners.
Speaking to the press in Kisumu during a stakeholders’ forum to get views on the proposed Bill, Akwir said the recognition will help them to own and dispose property.
The Institute legal consultant Justus Wabuyabo noted that they have gone around the country collecting views and soon will start a validation process.
"After this, validation process will begin where the information collected though stakeholders meeting will be taken through the executive council before being forwarded to Parliament," he said.
Wabuyabo said a member of parliament will be identified to champion for the passage of the Bill in the House.
Once passed and enacted into law, a transition period of one year will be given to all insurance professionals to comply with the requirements.