ADVOKS GLOBAL · KENYA
Preferential Trade Area Re-Insurance Company (Mandatory Re-Insurance Cessions)Act
3. Mandatory re-insurance cessions to the Company
Edition: 2022-12-31 · In force
3. Mandatory re-insurance cessions to the Company
(1)Any insurance or re-insurance institution shall, on or after the commencement of this Act, offer to place with the Company a minimum of ten per cent of each of its re-insurance cessions, both present and future, placed in the international insurance market.(2)Subsection (1) shall not restrict the right of the Company to accept re-insurance cessions in life or any other type of insurance business.(3)The minimum re-insurance cessions prescribed in subsection (1) of this section are independent of any mandatory cessions prescribed under section 145 of the Insurance Act (Cap. 487).(4)Subject to any amendment to article 20 of the Agreement in respect of, the minimum re-insurance cessions, the Cabinet Secretary may by order published in the Gazette vary the minimum re-insurance cessions specified in subsection (1) of this section.