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{
    "id": 1004529,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1004529/?format=api",
    "text_counter": 531,
    "type": "speech",
    "speaker_name": "Kipkelion East, JP",
    "speaker_title": "Hon. Joseph Limo",
    "speaker": {
        "id": 1915,
        "legal_name": "Joseph Kirui Limo",
        "slug": "joseph-kirui-limo"
    },
    "content": "Cash and 156.(1) No insurer shall assume a risk on Kenya in respect carry payment of insurance business unless and until the premiums payable of premiums thereon is received by the insurer. (2) An insurer who contravenes subsection (1), shall be liable for a penalty equivalent to fifty percent of the premium payable to the Policyholders Compensation Fund or upon conviction shall be liable to a fine not exceeding five million shillings or to imprisonment for a term not exceeding two years or both. (3) An intermediary shall upon receipt of any premiums on behalf of an insurer immediately remit the same to the insurer. (4) An intermediary who contravenes subsection (3) shall be liable to refund the premium and pay a penalty equivalent to twenty percent of the unremitted premium to the client. (5) Any officer or director of an intermediary who contravenes who contravenes subsection (3) shall be guilty of an offence, and upon conviction shall be liable to a fine not exceeding one hundred thousand shillings or to imprisonment for a term of three months or both. (6) An insurer shall pay an intermediary insurance commission due within thirty days upon receipt of premium. (7) An insurer who contravenes subsection (6) shall be liable to a penalty of five million shillings on each contravention, payable to the Policyholders Compensation Fund. The purpose of this is to align the amendments which were done in the Finance Bill 2019 to an agreeable position for the National Treasury, the Insurance Regulatory Authority and the stakeholders. They are currently trying to resolve it in court. Therefore, having received communication from the National Treasury, the position which is being carried here is agreeable and it is actionable. Thank you, Hon. Temporary Deputy Chairman."
}