African Re-insurance Corporation (Mandatory Re-insurance Cessions) Act

3. Mandatory re-insurance cessions to the Corporation

Edition: 2022-12-31 · In force

3. Mandatory re-insurance cessions to the Corporation

(1)Any insurance or re-insurance institution shall, on or after the commencement of this Act, offer to place with the Corporation a minimum of five per cent of each of their re-insurance cessions both present and future, including life treaties undertaken on terms accorded to most favoured re-insurers.

(2)The minimum re-insurance cessions prescribed by subsection (1) of this section are independent of any mandatory cessions prescribed under section 145 of the Insurance Act (Cap. 487).

(3)Subject to any amendment to article 27 of the Agreement in respect of the minimum re-insurance cessions, the Cabinet Secretary for the time being responsible for Insurance may by Order published in the Gazette vary the minimum re-insurance cessions specified in subsection (1) of this section.

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Source: Kenya Law