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CHANGES AFFECTING THE INSURANCE INDUSTRY CONTAINED IN THE INSURANCE (AMENDMENT) ACT NO Kenya

Steve Oke Chapchap Market No Comments

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Spread the love VIEWS: 388 CHANGES AFFECTING THE INSURANCE INDUSTRY CONTAINED IN THE INSURANCE (AMENDMENT) ACT NO. 11 of 2019 Issue Budget Change Implication Effective Issue Budget Change Implication Effective Date Date PROPOSED CHANGES TO THE INSURANCE ACT, CHAPTER 487 OF THE LAWS OF KENYA AS Advance (d) Any director, officer of the inter- This amendment is meant Effective date: CONTAINED IN THE INSURANCE(AMENDMENT) ACT No. 11 of 2019 Payment of mediary who contravenes the to enhance prompt payment 23rd July 2019 premium provision of this section commits an of premiums to underwriters Definitions The Insurance Act is amended in Section These amendments are Effective date: offence; while eliminating the peren2 by defining the terms “Index-based meant to allow for the 23rd July 2019 (e) An insurer shall pay the intermedi- nial problem of outstanding insurance” and “Microinsurance” issuing of regulations on ary an insurance commission within premium. index-based insurance […]


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