Insurance Act, 1985 🇰🇪

Kenya

Preface

Part I – – PRELIMINARY

1. Short title

2. Interpretation

Part II – – THE INSURANCE REGULATORY AUTHORITY

3. Establishment of the Authority

3A. Objects and functions of the Authority

3AA. Assistance in investigation

3B. Board of Directors

3C. Powers of the Board

+23 more sections

Part III – – REGISTRATION OF INSURERS

19. Only authorized persons to carry on insurance business

19A. Takaful insurance business

20. Placing of risks with insurers and reinsurers not registered under this Act

21. Repealed

21A. Closed fund business

+12 more sections

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

+4 more sections

Part V – – ASSETS, LIABILITIES, SOLVENCY MARGINS AND INVESTMENTS

41. Capital adequacy

42. Determination of capital required

43. Repealed

43A. Repealed

44. Assessment of assets and liabilities

+7 more sections

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

52. Separate accounts for each class

53. Apportionment between classes

54. Accounts and balance sheets

54A. Group Accounts

55. Accounting records

+12 more sections

Part VIA – – 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

+2 more sections

Part VII – – MANAGEMENT AND EXPENSES

68. Approved principal officer to be appointed

68A. Authority to carry out assessment

69. Directors, managers, employees and their remuneration

70. Limitation of management expenses

71. Restrictions on providing financial accommodation by insurers

+2 more sections

Part VIII – – RATES, POLICY TERMS AND CLAIMS SETTLEMENT

73. Restrictions on rebates, brokerage, etc

74. Premium rates of life insurers

75. Premium rates of general insurers

76. Law applicable to contracts of insurance and place of payments

76A. Insurance cover upon change of ownership of motor vehicle

+30 more sections

Part IX – – ASSIGNMENTS, MORTGAGES AND NOMINATIONS

107. Assignments of policies

108. Effect of notice of trust

109. Assignment of policy to insurer issuing it not to merge rights, etc. under policy

110. Policies held by trustees Where an insurer is satisfied that—

111. Nomination by policy holder

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

+1 more sections

Part XII – – INSOLVENCY AND WINDING UP

119. Insurer defined for this Part

120. Voluntary liquidation

121. Liquidation by the court

122. Insolvency of insurer

123. Application for the liquidation of insurer by the court

+5 more sections

Part XIII – – Repealed by Act No. 7 of 1997, s. 15.

129. Repealed

130. Repealed

131. Repealed

132. Repealed

133. Repealed

+11 more sections

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, motor assessors, insurance investigator, loss adjusters, surveyors, medical insurance provider and claims setting agents to carry on business

150A. Registration of medical insurance providers

151. Application for registration

152. Disqualifications

153. Registration and re-registration

+3 more sections

Part XVI – – Repealed by Act No. 11 of 2006, s. 18.

157. Repealed

158. Repealed

159. Repealed

160. Repealed

161. Repealed

+2 more sections

Part XVII – – ADVERTISEMENTS AND STATEMENTS

164. Misleading advertisements, etc. prohibited

165. Advertisements relating to capital

166. Issue of shares or debentures by companies

167. Publication of returns

Part XVIII – – LEGAL PROCEEDINGS AND APPEALS

168. Protection for officials acts

169. The Tribunal

170. Powers of Tribunal

171. Enforcement of orders for costs

172. Penalty for disobedience of summons to give evidence etc

+6 more sections

Part XIX – – MINISTER’S POWERS

179. Policy Holders’ Compensation Fund

179A. Protection from personal liability

180. Power of Cabinet Secretary to make regulations for purposes of this Act

181. Power of exemption

Part XX – – GENERAL PROVISIONS RELATING TO REGISTRATIONS AND CERTIFICATES

182. Interpretation of this Part

183. Registers of authorized persons to be kept by Commissioner

184. Notification of registered persons

185. Inspection of registers

186. Evidence of matters in register

+12 more sections

Part XXA – – THE INSURANCE PREMIUM LEVY

197A. Imposition of Insurance Premium Levy

Part XXB – – INSURANCE TRAINING LEVY

197B. Imposition of Insurance Training Levy

197C. Offences and penalties

197D. Examination and production of documents

197E. Regulations under Part XXA and Part XXB

197F. Repealed

+5 more sections

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

202. Printing of documents

+13 more sections

REPUBLIC OF KENYA

Insurance Act, 1985

Act 1 of 1985

Assented to on 8 January 1985
Commenced on 1 January 1987
[This is the version of this document as it was from 1 January 1987 to 10 December 2023.]

An Act of Parliament to amend and consolidate the Law relating to insurance, and to regulate the business of insurance and for connected purposes

Part I – – PRELIMINARY

1. Short title

This Act may be cited as the Insurance Act.

2. Interpretation

(1)In this Act, unless the context otherwise requires—"actuary" means—(a)a Fellow of the Institute of Actuaries in England or of the Faculty of Actuaries in Scotland or of the Society of Actuaries of the United States of America; or(b)such other person having actuarial knowledge as the Commissioner may, on the application of a member of the insurance industry, approve;"admitted asset" deleted by Act No. 22 of 2017, s. 2(a);"admitted liability" deleted by Act No. 22 of 2017, s. 2(a);"Advisory Board" deleted by Act No. 11 of 2006, s. 2(a);"affairs", in relatio…

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Insurance Act, 1985 🇰🇪

Table of Contents

REPUBLIC OF KENYA

Insurance Act, 1985

Act 1 of 1985

Part I – – PRELIMINARY

1. Short title

2. Interpretation

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