ADVOKS GLOBAL · KENYA
Insurance Act
127. Valuation of assets and liabilities
Edition: 2023-12-11 · In force
127. Valuation of assets and liabilities
(1)Subject to any directions which may be given by the court—(a)the value of the assets and liabilities shall be ascertained in such manner and upon such basis as the liquidator thinks fit;(b)the liabilities of an insurer in respect of the current policies of long term insurance business shall, as far as practicable, be calculated by the method and upon the basis to be determined by an actuary appointed by the court;(c)the liabilities of an insurer in respect of current policies of general insurance business shall, as far as practicable, be such portion of the last premium paid as is proportionate to the unexpired portion of the policy in respect of which the premium was paid.(2)The actuary appointed under subsection (1) shall, in the determination of liabilities, take into account any special directions which may be given to him by the court.