Entry Instance

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{
    "id": 1004879,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1004879/?format=api",
    "text_counter": 291,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "(1) No insurer shall assume a risk in Kenya in carry respect of insurance business unless and until the payment premiums payable thereon is received by the insurer. of (2) An insurer who contravenes subsection (1), shall premiums. 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 insurer. (5) Without prejudice to the sub-section (4), any premiums that had been received by an intermediary and had not been remitted to the insurer before the commencement of this section, shall be paid to the insurer within one hundred and eighty days from the date of commencement of this Act. (6) Any officer or director of an intermediary who contravenes subsection (3) shall be guilty of an offence, The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}