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Why local firms shy away from innovative products outside the law

Insurance Regulatory Authority Chief Executive Godfrey Kiptum says high costs come with the introduction of new products into the market. [File, Standard]

The insurance regulator has noted reluctance among sector players to introduce new products into the market, away from what is anchored in the law, such as third-party motor vehicle covers.

Commissioner of Insurance and Insurance Regulatory Authority (IRA) Chief Executive Godfrey Kiptum referenced high costs that come with this process as one of the reasons.

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