• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

Uhuru declines to sign insurance bill over cash clause

Kenyan Business Feed by Kenyan Business Feed
Uhuru declines to sign insurance bill over cash clause
Share on FacebookShare on Twitter

Table of Contents

Toggle
        • Economy
  • Uhuru declines to sign insurance bill over cash clause
Economy

Uhuru declines to sign insurance bill over cash clause

Thursday, June 6, 2019 20:43


By CONSTANT MUNDA

 Uhuru Kenyatta
President Uhuru Kenyatta. FILE PHOTO | NMG 

President Uhuru Kenyatta has declined to sign into law changes to the insurance Act that allowed brokers and agents to continue receiving cash from policyholders on behalf of insurers.

MPs had approved a Bill that allowed brokers to receive premiums but forward the cash to insurers within 14 days.

However, the President sided with the Treasury in denying brokers the responsibility of handling premiums and want MPs to review the Bill to accommodate his views,

“An intermediary shall not receive any premiums on behalf of an insurer,” read part of President Kenyatta memo to MPs, adding that those in breach face a penalty of 20 per cent of the unremitted premium.

The memo will automatically become law if MPs do not revise the Bill to include the views.

But the National Assembly can turn down Mr Kenyatta’s proposal if two-thirds of the 290 MPs or 233 of the members vote against his views.

The original Bill, approved on February 28, sought to lock out intermediaries such as brokers and agents from collecting premiums from policyholders on behalf of insurers.

It was fronted by the Treasury last July through National Assembly’s Finance Committee chairman Joseph Limo as part of the reforms aimed at ensuring prompt processing and payment of claims.

Lawmakers, however, replaced the clause seeking to bar intermediaries from collecting premiums with one that allowed them to remit the cash within 14 days.

The amendment followed protests from the intermediaries under Association of Insurance Brokers of Kenya, their umbrella body.

Rogue brokers and agents have come under fire for diverting the premiums to conduct other businesses, leading to late remittances to insurance companies. This has resulted in some underwriters refusing to honour claims.

“The premium is the consideration of the insurance contract and, if not remitted, shall affect the validity of the contract,” Mr Kenyatta says in the May 23 memorandum to the MPs.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Kenyans advised to buy banking shares as their values soar

Kenyans advised to buy banking shares as their values soar

November 7, 2019

Coffee farmers to access off-shore markets directly – KBC | Kenya’s Watching

May 21, 2019

Subscribe.

Trending.

Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
Safaricom’s SIG Forum empowers SMEs with branding insights from 3Verse Kenya, showcasing award-winning campaigns and inclusive business support.

Safaricom’s SIG Forum Empowers SMEs as 3Verse Kenya Shares Award-Winning Branding Strategies

June 23, 2025
Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

Co-op Bank Launches New Financial Solutions to Empower MSMEs in Kenya

June 23, 2025
Safaricom launches new credit solutions, Fuliza Biashara, Taasi Till, and Taasi Pochi—to expand MSME access to financing and boost financial inclusion.

Safaricom Unveils New Credit Solutions to Boost MSME Financing in Kenya

June 23, 2025
PLP and Safaricom Graduate 300 Youth in Push for Digital Talent Development Across Kenya

PLP and Safaricom Graduate 300 Youth to Boost Kenya’s Digital Talent Pipeline

June 23, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Kenya elected to the UN Tourism Executive Council for the 2025–2029 term, marking a diplomatic breakthrough that elevates its role in shaping global travel governance and sustainable tourism policy.

Nairobi Ascends to UN Tourism Executive Council After Strategic Bid Poised to Shape Global Industry Agenda

July 1, 2025
Tourism CS Rebecca Miano on Tuesday convened coastal public-private stakeholders in Mombasa to accelerate Kenya’s MICE sector growth, announcing progress on re-establishing the Kenya National Convention Bureau and urging youth-led innovation in tourism.

Kenya Ramps Up MICE Sector Reforms as CS Miano Confirms Convention Bureau Revival

July 1, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF