ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
51B. Professional indemnity insurance
Edition: 2023-10-06 · In force
51B. Professional indemnity insurance
(1)Stockbrokers and investment banks shall obtain professional indemnity insurance to secure an amount not less than five times their daily average turnover.(2)For the purposes of paragraph (1), the daily average turnover shall be calculated based on the firm’s turnover for the previous year, where applicable, or such amount as the Authority may determine.(3)Fund managers shall obtain professional indemnity insurance to secure such amount as the Authority may determine based on the portfolio under the management of the Fund Manager.(4)Investment advisers shall obtain professional indemnity insurance the value of which shall not be less than five hundred thousand shillings.