ADVOKS GLOBAL · KENYA
Insurance Act
4. The Insurance Regulatory Authority Fund
Edition: 2023-12-11 · In force
4. The Insurance Regulatory Authority Fund
(1)The Authority shall establish a general fund to be known as the Insurance Regulatory Authority Fund, hereafter referred to as "the Fund", which shall vest in the Authority.(2)There shall be paid into the Fund—(a)all proceeds of the insurance premium levy imposed by section 197A;(b)such moneys as may accrue to or vest in the Authority in the course of the exercise of its powers or the performance of its functions under this Act;(c)such sums as may be payable to the Authority pursuant to this Act or any other written law, or pursuant to any gift or trust;(d)such sums as may be granted to the Authority by the Cabinet Secretary pursuant to subsection (3); and(e)all moneys from any other source provided for, donated to or borrowed by the Authority.(3)There shall be made to the Authority, out of moneys provided by Parliament for that purpose, grants towards the expenditure incurred by the Board in the exercise of its powers and the performance of its functions under this Act.(4)The Authority may invest any of its funds in securities which trustees are by law allowed to invest trust funds, or in any other securities which the Treasury may, from time to time, approve.(5)There shall be paid out of the Fund all such sums of money required to defray the expenditure incurred by the Authority in the exercise of powers and performance of its functions and duties.