ADVOKS GLOBAL · KENYA
Insurance Act
155. Returns
Edition: 2023-12-11 · In force
155. Returns
(1)Every corporate person registered under this Part shall furnish such audited accounts, statements and returns relating to its business at such time and in such form as may be required by the Commissioner.(2)If it appears to the Commissioner that any account, statement or return furnished to him under provisions of this Act is inaccurate or incomplete in any respect, he may—(a)require further information, which shall be certified, if he so directs, by an auditor or other person, as he may consider necessary; or(b)require any document for his examination.(3)Where—(a)a person licensed under this Part fails to comply with a requirement made under subsection (2); or(b)the Commissioner is not satisfied as to the truth or accuracy of any account, statement or return supplied under subsection (1), or of any further information or document supplied under subsection (2), and has in writing so informed the person licensed, giving his reasons,that person shall be deemed to have failed to comply with subsection (1).(4)A person who fails to submit a return within the prescribed period shall be liable to a penalty of ten thousand shillings and a further penalty of one thousand shillings for each day after the expiry of the prescribed period that the return is not submitted.(5)The penalty referred to in subsection (4) shall be payable into the Policyholders' Compensation Fund.