ADVOKS GLOBAL · KENYA
Insurance Act
79. Amounts and values in policies to be expressed in Kenya currency
Edition: 2023-12-11 · In force
79. Amounts and values in policies to be expressed in Kenya currency
(1)The sum insured, the premium and every other sum of money mentioned in a policy of insurance issued or renewed on or after the appointed date shall be stated in the currency of Kenya unless the parties to the policy have, at or subsequent to the time of issue of the policy, expressly otherwise agreed to, and where the policy was issued or renewed on or after the appointed date, the Commissioner has in writing approved, the statement of any sum in some other currency:Provided that, notwithstanding the provisions of this subsection, an insurer may issue a policy of insurance, or a reinsurer may enter into a reinsurance contract in respect of—(a)aviation insurance; or(c)engineering insurance; or(d)any class or classes declared by the Cabinet Secretary by notice in the Gazette,in which the sum insured, the premium and every other sum of money mentioned in the policy of insurance is stated in currencies other than the currency of Kenya.(2)If the insurer and policy-holder have agreed, and, in the case of a policy issued on or after the appointed date, the Commissioner has approved, that the sum insured, the premium or other sum of money mentioned in a policy of insurance shall be expressed in a currency other than the currency of Kenya, the fact that the parties have agreed and the fact that the approval of the Commissioner has been obtained and the currency adopted shall be stated in or endorsed on the policy in distinct terms and in printed or typed letters no smaller than and as legible as the letters of the other provisions of the policy.(3)The continued payment in respect of a policy relating to long term insurance business shall not constitute a renewal for the purposes of subsection (1).