Insurance

Individuals vaccinated against the coronavirus that causes COVID-19, and are worried about developing side effects, can now acquire a Kshs2,950...

Edwin Dande, CEO Cytonn Investments In late May 2021, Cytonn Investments Plc launched an insurance agency arm targeting first time...

The Kenya Revenue Authority (KRA) is set  to collect  tax  of KShs. 107,046,316 following a decision by the Tax Appeals Tribunal on 28th May 2021 to dismiss an appeal filed by KCB Insurance Agency Limited. The Taxpayer had contended that KRA’s treatment of its income earned from services provided to KCB Risk Margin Fund (RMF) as consultancy fees, which are subject to VAT, is erroneous. The Taxpayer informed the Tribunal that KRA conveniently disregarded the fact that the Risk Margin Fund (RFM) services to KCB were provided by the Taxpayer, acting in the capacity of an insurance agent whose services were expressly exempt from VAT during the period under review. KRA successfully defended its actions and informed the Tribunal that the Taxpayer’s claim that the fee on administration of KCB Bank’s RFM is premium-based commission, which is exempted from Excise Duty is erroneous. The Tribunal reviewed the evidence as presented by both parties and held that KRA was authorised by the law to demand and charge late payment penalty and interest on VAT and Excise Duty not timeously remitted by the insurance agent.

Monarch Insurance Company has today announced that it has entered into a deal with The Holmarcom Group through its holding company...

The government-backed National Hospital Insurance Fund (Amendment) Bill 2021 introduced in Parliament last week wants NHIF to only step in...

Fraud and forged claims continue to eat into profit margins of firms in the insurance sector, says Insurance Regulatory Authority...

Allianz, one of the world’s leading insurers and asset managers has become the majority shareholder in Jubilee General Insurance Limited...

 A tough operating environment, coupled with a surge in claims due to the COVID-19, saw medical underwriter AAR Insurance Kenya’s...

The Association of Insurance Brokers of Kenya (AIBK) unanimously elected Mr. Anthony Mwangi as the National Chairman during the Association’s...

Nothing seems to be going wrong for Stima DT Sacco Society Limited who have announced a massive surplus of Ksh.1.02...