ADVOKS GLOBAL · KENYA
Insurance Act
116. Further conditions for approval
Edition: 2023-12-11 · In force
116. Further conditions for approval
The Authority shall not approve an amalgamation or transfer on an application under section 113 unless he is satisfied that—(a)every policy included in the amalgamation or transfer evidences a contract which—(i)was entered into before the date of the application; and(ii)imposes on the insurer obligations the performance of which will constitute the carrying on of insurance business in Kenya; and(b)the amalgamated insurer or transferee, as the case may be, is, or immediately after the approval will be, authorized under this Act to carry on in Kenya insurance business of the appropriate class or classes,and unless in his opinion the amalgamated insurer’s or transferee’s financial resources and the other circumstances of the case justify the giving of his approval.