{"id":101678,"date":"2023-08-30T18:28:27","date_gmt":"2023-08-30T18:28:27","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul"},"modified":"2023-08-30T19:01:47","modified_gmt":"2023-08-30T19:01:47","slug":"insurance-sector-regulations-set-for-overhaul","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul","title":{"rendered":"Insurance sector regulations set for overhaul"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount misappropriated.<\/p>\n

The move comes on the back of collapses within the insurance sector raising concerns about its stability and prompting a closer examination of safeguards.<\/p>\n

This is among the new changes that MPs want included in the Insurance (Amendment Bill, 2023) pending a major overhaul of the insurance regulations in Kenya.<\/p>\n

In the amendments proposed by Majority leader Kimani Ichungwah, the provisions had proposed changes that provided for individuals found to have misappropriated funds to be fined an amount not exceeding Sh5 million or a jail term not exceeding two years.<\/p>\n

This would also see firms found to have misappropriated funds belonging to clients fined Sh10 million.<\/p>\n

By placing responsibilities squarely on the people running the show, the draft law aims to promote accountability, uphold fiduciary duties, and ensure the senior managers meet professional responsibilities.<\/p>\n

However, the departmental committee of Finance and Planning said that the figure should be pegged on a minimum amount and not a maximum only.<\/p>\n

“What if the insured value is more than this Sh5million and an employee diverts this, the proposal says they will only be fined amount not exceeding Sh5 million,\u201d asked the committee chair Kimani Kuria.<\/p>\n

He added that the National Assembly has done 52 patchwork amendments to the bill prompting the need to overhaul it and come up with a new proposal.<\/p>\n

Many insurers in Kenya have faced sustained customer complaints over delays in paying claims, with some collapsing with customers\u2019 money.<\/p>\n

Insurance Regulatory Authority boss Godfrey Kiptum confirmed that the amendments are a stopgap measure as plans to completely overhaul the regulations are on course.<\/p>\n

He noted that amending Insurance Act cap 487 would provide for offences and penalties relating to insurance companies.<\/p>\n

\u201cThere is a proposal to re-amend the law, this is just a stop gap measure before we get the law repealed and have a new one enacted. We had a draft law [which] stalled but we are now backing it up,\u201d Kiptum told MPs.<\/p>\n

Kuria said that in the next two months there would be a stakeholders\u2019 engagement with the insurance sector to look at the entire Insurance Act.<\/p>\n

\u201cWe will have to re-look at all those ambiguities and come up with an Insurance Act of 2023 that is cognisant of the many changes that we have had in insurance sector in the last 35 years,\u201d said the MP.<\/p>\n

For More News And Analysis About Kenya<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount misappropriated. The move comes on the back of collapses within the insurance sector raising concerns about its stability and prompting a closer examination of safeguards. This is among the new changes […]<\/p>\n","protected":false},"author":84,"featured_media":101677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6857,7003,544],"class_list":["post-101678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-kenya","tag-kenya"],"yoast_head":"\nInsurance sector regulations set for overhaul - kenya<\/title>\n<meta name=\"description\" content=\"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance sector regulations set for overhaul\" \/>\n<meta property=\"og:description\" content=\"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-30T18:28:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T19:01:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"602\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Insurance sector regulations set for overhaul\",\"datePublished\":\"2023-08-30T18:28:27+00:00\",\"dateModified\":\"2023-08-30T19:01:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\"},\"wordCount\":426,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Kenya\",\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\",\"name\":\"Insurance sector regulations set for overhaul - kenya\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg\",\"datePublished\":\"2023-08-30T18:28:27+00:00\",\"dateModified\":\"2023-08-30T19:01:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg\",\"width\":1000,\"height\":602,\"caption\":\"Insurance sector regulations set for overhaul\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/kenya\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Insurance sector regulations set for overhaul\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#website\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/\",\"name\":\"kenya\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Insurance sector regulations set for overhaul - kenya","description":"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul","og_locale":"en_US","og_type":"article","og_title":"Insurance sector regulations set for overhaul","og_description":"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...","og_url":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul","og_site_name":"kenya","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2023-08-30T18:28:27+00:00","article_modified_time":"2023-08-30T19:01:47+00:00","og_image":[{"width":1000,"height":602,"url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Insurance sector regulations set for overhaul","datePublished":"2023-08-30T18:28:27+00:00","dateModified":"2023-08-30T19:01:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul"},"wordCount":426,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg","keywords":["Africa Press","Africa Press-Kenya","Kenya"],"articleSection":["all news","economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul","url":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul","name":"Insurance sector regulations set for overhaul - kenya","isPartOf":{"@id":"https:\/\/www.africa-press.net\/kenya\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg","datePublished":"2023-08-30T18:28:27+00:00","dateModified":"2023-08-30T19:01:47+00:00","author":{"@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"MPs plan to peg fines and penalties for insurance firms and managers who flout regulations on the value of the amount mi ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#primaryimage","url":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg","contentUrl":"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2023\/08\/sm_1693405753.641789.jpg","width":1000,"height":602,"caption":"Insurance sector regulations set for overhaul"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/kenya\/all-news\/insurance-sector-regulations-set-for-overhaul#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/kenya\/"},{"@type":"ListItem","position":2,"name":"Insurance sector regulations set for overhaul"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/kenya\/#website","url":"https:\/\/www.africa-press.net\/kenya\/","name":"kenya","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/kenya\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/101678","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/comments?post=101678"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/posts\/101678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media\/101677"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/media?parent=101678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/categories?post=101678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/kenya\/wp-json\/wp\/v2\/tags?post=101678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}