ADVOKS GLOBAL · KENYA
Insurance (Bancassurance) Regulations, 2020
5. Application for bancassurance business
Edition: 2022-12-31 · In force
5. Application for bancassurance business
A person who intends to carry on Bancassurance business shall—(a)be incorporated in Kenya;(b)wholly owned by a bank, microfinance bank or other financial institution regulated in Kenya;(c)apply in writing to the Authority to be registered as a bancassurance intermediary;(d)have a minimum paid up capital of five million shillings;(e)have at all times a minimum of ten million shillings in the form of—(i)a bank guarantee as set out in the First Schedule hereto:Provided that the bank, microfinance bank or financial institution owning the applicant shall not provide the guarantee; or(ii)a Government bond with a maturity of at least two years issued by the Central Bank of Kenya in favour of the Authority; and(f)meet any other requirements that may be prescribed by the Act or these regulations.