There exists a conflict of interest between policyholders and shareholders, in that policyholders expect their claims to be paid from the insurance fund while investors shareholders expect to make profit from the same funds. The mandate of the national hospital insurance fund nhif is to enable all kenyans access quality and affordable health services since its the primary provider of health insurance in kenya. Interp retati on act 18 of 1986 2 1 in this act, unless the context otherwise requires. The policy was restructured by the repeal of the national hospital insurance act cap 255 and the enactment of the national hospital insurance fund act. The amendment of the national hospital insurance fund act in 1998, for the first time introduced profound changes on health insurance. At the end of each calendar month, an insurer shall prepare, in accordance with the prescribed form, a. An act of parliament to amend and consolidate the law relating to insurance, and to regulate the business of.
While maintaining the principle of mandatory insurance for the wage earning workforce, the act allowed the scheme to. Application of this act registration share capital modes of. Strategic plan 2014 2018 national hospital insurance fund. Laws of kenya insurance act chapter 487 revised edition 2012 2010 published by the national council for law reporting with the authority of the attorneygeneral. Act 6 insurance act 2ln financial institution has the meaning assigned to it in the financial institutions act, 2004. The mischief that existed at the passing of the act to be amended was that a third party injured. Insurance act, 2017 uganda legal information institute. An act to revise the law relating to insurance in order to provide comprehensive provisions for the regulation of the insurance industry and for related matters. Aki is a members association for the insurance companies in kenya.
Application of this act registration share capital modes. An act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part i preliminary 1. Issuance of bid bonds or tender securities by insurance companies 2copy. An act of parliament to amend and consolidate the laws relating to insurance and to regulate the business of insurance and for connected purposes. The mischief that existed at the passing of the act to be amended was that a third party injured by a motor vehicle got no compensation for his. The application of ifrs 4 insurance contracts in 2005 was a significant challenge for the global insurance industry. Published by the national council for law reporting with the authority of. Insurance act june 2014 mip brokers kenya pages 101 150. Prior to the enactment of the insolvency act, 2015, legal provisions for individual insolvency were contained in the bankruptcy act, no 32 of.
Kenya deposit insurance kdi act regulations 1 draft regulations under section 74 the kenya deposit insurance act regulations in exercise of the powers conferred by section 74 of the kenya deposit insurance act, the minister for finance makes the following regulations the kenya deposit insurance regulations, 20 part i preliminary 1. The insurance laws amendment bill, 2015 a bill further to amend the insurance act, 1938 and the general insurance business nationalisation act, 1972 and to amend the insurance regulatory and development authority act, 1999. Users of motor vehicles to be insured against thirdparty risks. Among other things, it provided for local incorporation, minimum. National hospital insurance fund act kenya investment authority. Car insurance kenya comprehensive online motor insurance quotes. Persons who may commence or carryon insurance business in nigeria, etc. Kenya in 1966 as a department in the ministry of health to provide health insurance exclusively for those in the formal employment. Insurance regulation in kenya introduction insurance is a business of trust and can be abused. Jul 20, 2019 bancassurance in kenya pdf kenya joins uganda, which has also enacted laws to streamline the operations of bancassurance to drive penetration of insurance. Insurance act cap 255 and the enactment of the national hospital insurance fund act no.
Laws of kenya income tax act chapter 470 revised edition 2018 2012 published by the national council for law reporting with the authority of the attorneygeneral. The work injury benefits act, 2007 arrangement of sections section. Laws of kenya insurance act chapter 487 revised edition 2017 2016 published by the national council for law reporting with the authority of the attorneygeneral. Explanatory notes were introduced in 1999 and accompany all public acts except appropriation, consolidated fund, finance and consolidation acts. Kenya deposit insurance kdi act regulations 1 draft regulations under section 74 the kenya deposit insurance act regulations in exercise of the powers conferred by section 74 of the kenya deposit insurance act, the minister for. The salient features of the kenya insolvency act, 2015. Text created by the government department responsible for the subject matter of the act to explain what the act sets out to achieve and to make the act accessible to readers who are not legally qualified. An act to repeal and replace the insurance act, chap. An act of parliament to amend and consolidate the law relating to insurance, and to regulate the business of insurance and for connected purposes act no.
We provide quotes from top insurers in kenya to help consumers choose the best cover. It was registered under the societies act cap 108 of the law of kenya. What is being sold is a promise which must be kept. The amendment of the insurance act directing customers to remit premiums directly to insurance companies in a move aimed at curbing rogue brokers is particularly expected to have positive impacts on the industry. Circulars public procurement regulatory authority kenya. This act may be cited as the national hospital insurance fund act, 1998. Published by the national council for law reporting with the authority of the. The tax is computed as a percentage of the gross direct premiums written by an insurer at a rate of 1. This act establishes a national deposit insurance system, and allows for the receivership and liquidation of deposit taking institutions, so as to provide for the establishment of the kenya deposit insurance corporation. Strategic plan 2014 2018 national hospital insurance. Marine insurance in kenya and the new section 20 of the. They are regulated by the insurance regulatory authority.
Be it enacted by parliament in the sixtysixth year of the republic of india as follows. We actively supported the sector as they prepared to adopt the standard for 2005 financial statements, and in december 2004 held a seminar for our insurance sector contacts on the implications of the standard. The insurance act, 1996 arrangement of sections part i preliminary section title 1. The insurance act chapter 487 revised september 2015. Copy issuance of bid bonds or tender securities by insurance companies 2copy. Draft regulations under section 74 the kenya deposit insurance act regulations in exercise of the powers conferred by section 74 of the kenya deposit insurance act, the minister for finance makes the following regulations. Laws of kenya insurance motor vehicles third party risks act chapter 405 revised edition 2012 1989 published by the national council for law reporting with the authority of the attorneygeneral.
Challenges facing the insurance sector in kenya it is an uncontestable fact that the path tracing the growth of the insurance sector in kenya is littered with numerous problems. The policy was restructured by the repeal of the national hospital. Laws of kenya national hospital insurance fund act chapter 255 revised edition 2012 1998 published by the national council for law reporting with the authority of the attorneygeneral. I1 of the insurance act, to carry on motor vehicle 811971 insurance business or a member of any association of. In the companies act of kenya, it has been noticed that the winding up of the companies is covered in section 4. This short title and act may be cited as the finance act, 2018, and shall come into operation, or be deemed to have come into operation, as follows. Insurance act, 2006 act 724 the seven hundred and twentyfourth act of the parliament of the republic of ghana entitled insurance act, 2006. Car insurance kenya comprehensive online motor insurance. Between 1963 and1984, there was no legislation that specifically addressed insurance in kenya, thus leaving a gap. Reforming the insurance regulatory framework in kenya.
Drivers, passengers, police officers and pedestrians are exclusively responsible for familiarizing themselves with traffic regulations. The public seal of kenya shall be such device as may be prescribed by or under an act of parliament. Treasury circular on the operationalisation of the public procurement and asset disposal act,2015. The republic of kenya shall be a multiparty democratic state. Bancassurance in kenya pdf kenya joins uganda, which has also enacted laws to streamline the operations of bancassurance to drive penetration of insurance. Short title and commencement this act may be cited as the kenya deposit insurance act, 2012, and shall come. The association of kenya insurance aki was established in 1987 as a consultative and advisory body for the insurance industry.
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