Insurance Act

This Act may be cited as the Insurance Act. An insurer is treated as carrying on a particular class of insurance business while any liability for that class remains unsatisfied. The Commissioner may, with Board approval, direct an insurer who has not issued a new long-term policy for twelve months to propose transfer or amalgamation; the Commissioner may frame transfer schemes, order investigations, or apply to the High Court; disposing or misappropriating closed fund assets is an offence with fines or imprisonment and refund obligations. An investigator may investigate affairs of associated persons for a section 9 investigation with the Board's written consent; before starting, the investigator must, if requested, serve a copy of that consent on the associated person. Investigators may require persons (including companies, bodies, associations, funds and natural persons) to assist, appear for examination and produce books; investigators may take and copy produced documents; refusing, giving false information, or obstructing is an offence punishable by a fine up to two thousand shillings; those examined must answer questions and, if they claim self-incrimination before answering, the question and answer are inadmissible in criminal proceedings except for the subsection (4) offence.