ADVOKS GLOBAL · KENYA
Insurance Act
113. Application to amalgamate or transfer
Edition: 2023-12-11 · In force
113. Application to amalgamate or transfer
(1)Subject to this Act, where—(a)two or more insurers, licensed under this Act, intend to amalgamate; or(b)an insurer intends to transfer insurance business of any class to another insurer and is licensed under this Act,both the insurers jointly in the former case, and the transferor in the latter case, shall apply to the Authority, for his approval of the amalgamation or transfer, as the case may be.(2)An application to amalgamate or transfer insurance business shall be accompanied by—(a)the draft of the document under which the proposed amalgamation or transfer is to take effect;(b)audited accounts and balance sheets of both insurers as on the date of the proposed amalgamation or transfer;(c)any other report or document on which the proposed amalgamation or transfer is founded or prepared as at the date of the proposed amalgamation or transfer, as the case may be;(d)actuarial reports and abstracts in respect of long term insurance business of both the insurers, such reports and abstracts of the transferor, prepared in conformity with the provisions of section 115, as read with the requirements prescribed in the regulations as at the date of the proposed amalgamation or transfer, as the case may be.(3)Where the proposed amalgamation or transfer is in respect of long term insurance business, an application under this section shall, in addition to the documents mentioned in subsection (2), be accompanied by a report on the terms of the scheme and likely effects of the scheme on policy-holders of the insurers concerned as a result of the proposed scheme of amalgamation or transfer, prepared by an actuary who has not been professionally connected with any of the insurers at any time during the five years immediately preceding the application and prepared as at the date of the proposed amalgamation or transfer, as the case may be.(4)The audited accounts and balance sheets, reports and abstracts referred to in subsections (2) and (3) shall be prepared as at the date at which the amalgamation or transfer is intended to be effected, which date shall not be more than twelve months before the date of the application.