The Authority ensures legal compliance by insurance/reinsurance and all other insurance-related entities, protects consumers and promotes a high degree of policy security for policyholders.

The regulation of the insurance industry in Kenya was initially based on the UK Companies Act 1960.

With this amendment, not only did the department gain greater independence from bureaucratic hindrances, which improved its efficiency as intended, but the holder of the Commissioner's office gained additional responsibility in the secondary role of serving as the chief executive officer of the newly established authority.

IRA is responsible for the maintenance of the stability of the insurance sector.

Its main objectives and functions are found in the Insurance Act.