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Kenya Insurance Act

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HomeBrud.gifKenyan LawBrud.gifActsBrud.gifKenya Insurance Act

Chapter 487

Part I - PRELIMINARY

Part II - APPOINTMENT, POWERS AND DUTIES OF THE COMMISSIONER OF INSURANCE

  • Section 3: Establishment of the Authority.
  • Section 3A: Objects and Functions of the Authority.
  • Section 3B: Board of Directors.
  • Section 3C: Powers of the Board.
  • Section 3D: Remuneration of Board Members.
  • Section 3E: Commissioner of Insurance.
  • Section 3F: Appointment of Secretary and Other Staff.
  • Section 3G: Common Seal of the Authority.
  • 4: The Insurance Regulatory Authority Fund.
  • 4A: Financial Year and Annual Estimates.
  • 4B: Accounts and Audit.
  • 4C: Supersession.
  • 5 Particular Duties of Commissioner.
  • 6: Delegation by Commissioner.
  • 7: Power to Call for Information and Production of Books or Papers.
  • 8: Examination of Reinsurance Treaties.
  • 9: Directions and Investigations.
  • 10: Particular Powers of Commissioner with Regard to Long Term Insurance Business.
  • 11: Investigations of Associated Person.
  • 12: Powers of Investigator.
  • 13: Protection for Persons Complying.
  • 14: Person may Be Represented by an Advocate.
  • 15: Notes of Examination of Person.
  • 16: Report of Investigator.
  • 17: Directions to Person Investigated.
  • 18: Secrecy.

Part III - REGISTRATION OF INSURERS

  • Section 19: Only Authorized Persons to Carry on Insurance Business.
  • Section 20: Placing of Risks with Insurers and Reinsurers Not Registered Under This Act.
  • Section 21: Closed Fund Business.
  • Section 22: Prohibition of Registration of Certain Persons.
  • Section 23: Minimum Capital Requirements and Holding by Kenya Citizens.
  • Section 24: Extension of Time.
  • Section 25: Requirements as to Capital Structure and Voting Rights.
  • Section 26: Provisions Relating to Carrying on of Both Long Term and General Insurance Business.
  • Section 27: One Third of Boards to Be Citizens of Kenya.
  • Section 27A: Qualifications of Board Members.
  • Section 28: Minimum Assets in Kenya.
  • Section 29: Appropriate Insurance Arrangements.
  • Section 30: Application for Registration.
  • Section 30A: Opening of a Branch.
  • Section 31: Registration.

Part IV - DEPOSITS

  • 32: Deposits.
  • 33: Return of Deposits if Unregistered.
  • 34: Deposits to Be Kept by Bank on Behalf of Insurer.
  • 35: Substitution of Deposits.
  • 36: Investment of Amount Deposited.
  • 37: Variation of Deposits.
  • 38: Use of Deposit.
  • 39: Return of Deposit.
  • 40: Increase of Deposit.

Part V - ASSETS, LIABILITIES, SOLVENCY MARGINS AND INVESTMENTS

  • Section 41: Margin of Solvency.
  • Section 42: Authorised Assets.
  • Section 43: Admitted Liabilities.
  • Section 44: Assessment of Assets and Liabilities.
  • Section 45: Establishment of Statutory Fund.
  • Section 46: Application of Statutory Fund.
  • Section 47: Assets to Be in the Name of Insurer.
  • Section 48: Investment of Assets.
  • Section 49: Unsuitable Investments.
  • Section 50: Specified Investments.
  • Section 51: Restriction on Mortgages, Etc. of Assets.

Part VI - ACCOUNTS, BALANCE SHEETS, AUDIT AND ACTUARIAL INVESTIGATIONS

  • 52: Separate Accounts for Each Class.
  • 53: Apportionment Between Classes.
  • 54: Accounts and Balance Sheets.
  • 55: Accounting Records.
  • 56: Audit and Auditor's Certificate.
  • 57: Actuarial Investigation.
  • 58: Actuarial Valuations.
  • 59: Returns.
  • 60: Accounts and Statements to Be Signed.
  • 61: Submission of Accounts and Statements.
  • 62: Further Information.
  • 63: Other Reports.
  • 64: Returns Sufficient Compliance with Companies Act.
  • 65: Rectification of Returns.
  • 66: Penalty for False Statements.
  • 67: Penalty for Failure to Comply with Requirements of Part.

Part VIIA - INSPECTION AND CONTROL OF INSURERS

  • 67A: Inspection of Insurers.
  • 67B: Directions to Person Inspected.
  • 67C: Power of the Commissioner to Intervene in Management.
  • 67D: Part to Apply to Unregistered and Unauthorized Persons.
  • 67E: Powers of Inspector.
  • 67F: Expenses Under Part .
  • 67G: Power to Protect the Assets of an Insurer.

Part VII - MANAGEMENT AND EXPENSES

  • 68: Approved Principal Officer to Be Appointed.
  • 69: Directors, Managers, Employees and Their Remuneration.
  • 70: Limitation of Management Expenses.
  • 71: Restrictions on Loans, Advances, Etc. by Insurer.
  • 72: Limitation on Employment of Managing Agents.

Part VIII - RATES, POLICY TERMS AND CLAIMS SETTLEMENT

  • Section 73: Restrictions on Rebates, Brokerage, Etc.
  • Section 74: Premium Rates of Life Insurers
  • Section 75: Premium Rates of General Insurers
  • Section 76: Law Applicable to Contracts of Insurance and Place of Payments
  • Section 76A: Insurance Cover Upon Change of Ownership of Motor Vehicle
  • Section 77: Defaults of Insurer, Broker or Agent Not to Invalidate Policy
  • Section 78: Avoidance of Contracts for Unlimited Amounts
  • Section 79: Amounts and Values in Policies to Be Expressed in Kenya Currency
  • Section 80: Proposal and Policy Documents Not to Be Misleading
  • Section 81: Incorrect Statements in Proposals
  • 82: Effect of Suicide or Capital Punishment on Policy.
  • 83: Particulars as to Age of Proposer for Life Assurance.
  • 84: Notice Regarding Proof of Age.
  • 85: Procedure Where Insurer Declines to Accept Proof of Age.
  • 86: Misstatement of Age.
  • 87: Objection to and Return of Life Policy.
  • 88: Paid Up Policies.
  • 89: Surrender of Policies.
  • 90: Non-forfeiture of Ordinary Life Policies in Certain Cases of Non-payment of Premiums.
  • 91: Non-forfeiture of Industrial Policies in Certain Cases of Non-payment of Premiums.
  • 92: Treatment of Debts on Grant of Paid Up Policies.
  • 93: Certain Policies Exempted from Operation of Sections 88 to 92.
  • 94: Insurable Interest Essential for All Policies.
  • 95: Property in Child’s Advancement Policy.
  • 96: Limitation of Amount Payable on Death of Child.
  • 97: Production of Prescribed Certificate of Death.
  • 98: Saving as to Insurable Interest.
  • 99: Protection of Insured’s Interests.
  • 100: Family Insurance Policies.
  • 101: Probate or Administration may Be Dispensed with in Certain Cases.
  • 102: Death of Owner of Policy Not Being Life Insured.
  • 103: Insurer Not Bound to See to Application of Payments.
  • 104: Power to Pay into Court.
  • 105: No Deduction in Respect of Other Policies.
  • 106: Lost Policies.

Part IX - ASSIGNMENTS, MORTGAGES AND NOMINATIONS

  • Section 107: Assignment of Policies.
  • Section 108: Effect of Notice of Trust.
  • Section 109: Assignment of Policy to Insurer Issuing It Not to Merge Rights, Etc., Under Policy.
  • Section 110: Nomination of Policy Holder.
  • Section 111: Policies Held by Trustees.

Part X - CLAIMS ON SMALL LIFE POLICIES

  • 112: Claims on Small Life Policies.

Part XI - TRANSFERS AND AMALGAMATIONS

  • 113: Application to Amalgamate or Transfer.
  • 114: Notice.
  • 115: Conditions for Approval in Relation to Long Term Insurance Business.
  • 116: Further Conditions for Approval.
  • 117: Approval or Refusal.
  • 118: Effect of Approval Under Section 117.

Part XII - INSOLVENCY AND WINDING UP

  • 119: Insurer Defined for This Part.
  • 120: Voluntary Liquidation.
  • 121: Winding Up by Court.
  • 122: Insolvency.
  • 123: Petitions for Winding Up.
  • 124: Secondary Companies.
  • 125: Insurers Being Subsidiaries of Non-insurers.
  • 126: Supplemental Provisions as to Winding Up.
  • 127: Valuation of Assets and Liabilities.
  • 128: Continuation of Business of Insurer in Liquidation.

Part XIII - THE KENYA REINSURANCE CORPORATION (Repealed by 7 of 1997)

  • 129-144: Repealed by a 7 of 1997

Part XIV - MANDATORY REINSURANCE CESSIONS

  • 145: Certain Business to Be Ceded to Kenya Reinsurance Corporation.
  • 146: Power to Decline Business.
  • 147: Payment.
  • 148: Returns and Information.
  • 149: Offences and Penalty.

Part XV - INTERMEDIARIES, RISK MANAGERS, MOTOR ASSESSORS, INSURANCE INVESTIGATOR, LOSS ADJUSTERS, INSURANCE SURVEYORS, MEDICAL INSURANCE PROVIDER AND CLAIMS SETTLING AGENTS

  • 150: Only Registered Brokers, Agents, Risk Managers, Loss Assessors, Loss Adjusters, Surveyors and Claims Settling Agents to Carry on Business.
  • 150A: Registration of Medical Insurance Providers.
  • 151: Application for Registration.
  • 152: Disqualifications.
  • 153: Registration and Re-registration.
  • 154: Business by Agents.
  • 155: Returns.
  • 156: Advance Payment of Premiums.

Part XVI - THE INSURANCE ADVISORY BOARD OF KENYA (Repealed by 11 of 2006, s.18)

  • 157-163: Repealed by 11 of 2006.

Part XVII - ADVERTISEMENTS AND STATEMENTS

  • Section 164: Misleading Advertisements, Etc. Prohibited.
  • Section 165: Advertisements Relating to Capital.
  • Section 166: Issue of Shares or Debentures by Companies.
  • Section 167: Publication of Returns.

Part XVIII - LEGAL PROCEEDINGS AND APPEALS

  • Section 168: Protection for Official Acts.
  • Section 169: The Tribunal.
  • Section 170: Powers of Tribunal.
  • Section 171: Enforcement of Orders for Costs.
  • Section 172: Penalty for Disobedience of Summons to Give Evidence Etc.
  • Section 173: Appeals from Commissioner's Decisions.
  • Section 174: Cognizance of Offences and Restrictions on Institution of Proceedings.
  • Section 175: Criminal Liability of Directors, Etc.
  • Section 176: Criminal Proceedings Against Unincorporated Bodies.
  • Section 177: Documents to Be Received in Evidence.
  • Section 178: General Penalty.

Part XIX - MINISTER'S POWERS

  • 179: Policy Holder's Compensation Fund.
  • 179A: Protection from Personal Liability.
  • 180: Power to Prescribe.
  • 181: Power of Exemption.

Part XX - GENERAL PROVISIONS RELATING TO REGISTRATIONS AND CERTIFICATES

  • 182: Interpretation of Part .
  • 183: Register of Authorized Persons to Be Kept by Commissioner.
  • 184: Notification of Registered Persons.
  • 185: Inspection of Registers.
  • 186: Evidence of Matters in Register.
  • 187: Alteration of Registration.
  • 188: Expiry and Renewal of Registration.
  • 189: Issue, Display and Surrender of Certificates.
  • 190: Name of Registered Person.
  • 191: Prohibition of Other Business.
  • 192: Further Information.
  • 193: Alteration in Particulars Furnished.
  • 194: False or Misleading Statements.
  • 195: Refusal to Register.
  • 196: Cancellation of Registration.
  • 196A: Notification of Cancellation of Registration.
  • 197: Records to Be Maintained by Registered Persons.
  • 197C: Offences and Penalties.
  • 197D: Examination and Production of Documents.
  • 197E: Regulations Under Part Xxa and Pxxb.
  • 197F - 197K (Repealed by 11 of 2006)
  • 197F - 197: Repealed by 11 of 2006.

Part XXA - THE INSURANCE PREMIUM LEVY

  • 197A: Imposition of Insurance Premium Levy.

Part XXB - INSURANCE TRAINING LEVY

  • 197B: Imposition of Insurance Training Levy.

Part XXI - SUPPLEMENTARY PROVISIONS

  • 198: Service of Notice on Registered Person.
  • 199: Service of Notice on Policy Holder.
  • 200: Conversion of Currency.
  • 201: Consent of Commissioner Required for Insurance Remittance.
  • 202: Printing of Documents.
  • 203: Settlement of Claims.
  • 204: Appointment of Public Prosecutors.

Schedules

  • FIRST SCHEDULE
  • SECOND SCHEDULE

Related Legislations

  • The Insurance Regulations
  • Approval of Transfer of Insurance Business - Uap Insurance Assurance 2010
  • Approval of Transfer of Insurance Business - Apollo Insurance Company, 2010
  • The Insurance (insurance Appeals Tribunal) Rules, 1988
  • The Insurance (policyholders’ Compensation Fund) Regulations, 2010
  • Exemption-heritage Insurance 2011
  • Exemption-cfc Life Assurance, 2011
  • Approval of Transfer of Long Term Insurance Business for Cic Insurance, 2011
  • Approval of Transfer of Insurance Business for I.c.e.a, 2011
  • Approval of Transfer of General Insurance Business for Cic Insurance Company, 2011