ADVOKS GLOBAL · KENYA
Insurance Act
68A. Authority to carry out assessment
Edition: 2023-12-11 · In force
68A. Authority to carry out assessment
(1)Notwithstanding any other provision of this Act, the Authority shall, from time to time, carry out an assessment of the suitability of the person managing, controlling or having a significant ownership or significant beneficial interest in a person licensed under this Act.(2)An assessment under subsection (1) shall be in accordance with such criteria as may be prescribed in regulations.(3)Where, upon an assessment under this section, the Authority is satisfied as to the suitability of the person managing, controlling or having a significant ownership or significant beneficial interest in a person licensed under this Act, it shall so certify in writing.(4)A person who, upon an assessment under this section, is not certified by the Authority as suitable to manage or control a person licensed under this Act, shall be deemed to be disqualified from holding such office.(5)The provisions of this section shall also apply to insurance groups in respect of its significant shareholders, the group directors and management as if they were an insurer.