ADVOKS GLOBAL · KENYA
Preferential Trade Area Re-Insurance Company (Mandatory Re-Insurance Cessions)Act
5. Company to accept or decline business
Edition: 2022-12-31 · In force
5. Company to accept or decline business
(1)Where the Company deems it necessary or prudent, the Company shall exercise the right to accept or decline all or part of the business offered to be placed with it under this Act, and in that case the Company shall furnish the insurance or re-insurance institution concerned, as the case may be, if so requested, with the reasons for its refusal.(2)The ceding insurance or re-insurance institution may appeal against the refusal to the Board of Directors of the Company in accordance with article 21 of the Agreement.(3)Where re-insurance cessions are refused under this section any liability of the insurance or re-insurance institution concerned under this Act in respect of such reinsurance cessions shall cease.