Preferential Trade Area Re-Insurance Company (Mandatory Re-Insurance Cessions)Act

7. Offences and penalties

Edition: 2022-12-31 · In force

7. Offences and penalties

(1)Any person who fails—

(a)to comply with section 3; or

(b)to comply with any directions issued by the Commissioner of Insurance under section 6,

shall be guilty of an offence and liable to a fine not exceeding fifty thousand shillings and, if the offence continues to a further fine of two thousand shillings for every day during which the offence continues.

(2)Where a person guilty of an offence under subsection (1) is a natural person that person shall be liable, in addition to, or in lieu of, a fine, to imprisonment for a term not exceeding three years.

(3)Where a person guilty of an offence under subsection (1) of this section is a body corporate, then notwithstanding the imposition of any penalty, the commission of that offence shall constitute sufficient grounds whereby the Commissioner of Insurance may apply to the court for the winding-up of that body corporate, if such body is incorporated in Kenya.

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Source: Kenya Law