ADVOKS GLOBAL · KENYA
Insurance Act
153. Licensing and re-licensing
Edition: 2023-12-11 · In force
153. Licensing and re-licensing
(1)Where the Commissioner is satisfied that—(a)the volume of business which is likely to be available to, and the earning prospects of, an applicant are adequate;(b)the business in respect of which the application is made will be conducted in accordance with accepted professional standards;(c)in the case of a corporate person the financial standing of the applicant is sound;(d)the knowledge, skill and experience of the applicant or, in the case of a corporate person, the knowledge, skill and experience of the principal officer in Kenya, are adequate;(e)in the case of a broker, the professional indemnity policy of insurance is satisfactory;(f)the applicant is not disqualified under this Act;(g)the applicant is, and is likely to continue to be, able to comply with such of the provisions of this Act and regulations and directions made or issued under this Act as are applicable to the applicant;(h)the prescribed fee has been paid;(i)it is otherwise in the public interest that the applicant should be licensed,he may, subject to such terms and conditions as he considers necessary, including in the case of a broker the provision of such bank guarantee as may be prescribed, licensed or renew the license of an applicant under this Part.(2)A broker shall be licensed under this Act only if registered as a company under the Companies Act (Cap. 486) and if the company has a paid up capital of not less than one million shillings of which not less than sixty percent is owned —(b)by a partnership whose partners are all citizens of Kenya; or(c)by a corporate body whose shares are wholly owned by citizens of Kenya or which is wholly owned by the Government.This subsection is subject to subsection (3) and has effect despite any other provision of this Act to the contrary.(3)A broker already carrying on business as an insurance broker on the appointed date without complying with the provisions of subsection (2) relating to paid up capital may be licensed as a broker, but at the time of each subsequent renewal of the registration until he complies fully with the requirement his registration shall not be renewed unless he has acquired after the immediately preceding licensing or renewal of a license, as the case may be, paid up capital or additional paid up capital equal to not less than one-third of the deficiency which existed on the appointed date.(4)Subject to subsection (3), a broker already carrying on business as an insurance broker on the appointed date without complying with the minimum shareholding by Kenya citizens as required under subsection (2) shall comply with that requirement before the expiry of three years from the appointed date.